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Update on Gombojav

Gombojav 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 Details

Gombojav 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 »

Additional Information

About XacBank

This 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.

About Mongolia

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,320.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $550 helped Gombojav to buy more garments.
97% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Mar 20, 2012
Apr 10, 2012
Currency Exchange Loss:
Apr 16, 2014
This photo was used before for a previous loan for Gombojav. It was first posted on Kiva on Mar, 2011. Learn More