Update on GombojavGombojav is a 46-year-old man who lives with his wife and 3 children in Uvurhangai province in Central Mongolia. His 3 children study at college and in high school. Gombojav started his food selling business in 2005 and in 2006 he start to operate a cafeteria. Also, in 2010, he started renting a shop counter where he sells underwear, children clothes etc. He has a truck with which he brings the supplies. He sees market demand and works out the appropriate plan for the business. Gombojav is a diligent man who says, "I would like to expand the business activity by purchasing the supplies in large quantities so that I could increase income". The total amount he is requesting is 700,000 MNT to buy more garments.
Previous Loan DetailsGombojav T., 45, is married and lives with his wife and three daughters in Uvruhangai province of Mongolia. They live in a house on a small plot of land that they own. His wife is self-employed and her two older daughters attend college while the youngest daughter goes to a secondary school.… More from Gombojav's previous loan »
About XacBankThis loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
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- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Mar 20, 2012
- Apr 10, 2012
- Currency Exchange Loss:
- Apr 16, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.