Update on AltantsetsegAltantsetseg, 37, is a widowed woman who lives with her three daughters in Hovd province, Western Mongolia. Since her husband died a year ago, she has received all the responsibilities of the family. She has been running a second-hand clothes retail business since 1995. She purchases the supplies in as large quantities as possible in order to save on transportation expenses. Sometimes, she brings in the supplies with another trader so that they share the expenses, which is good for them both. Her trading location is very good and and well located for the customers. Altantsetseg is a diligent woman who says, "I would like to expand the business activity by purchasing the supplies especially some summer clothes in wholesale. I want to increase the volume and save for the college fees of my three girls." The total amount she is requesting is 2,000,000 MNT to buy more garments.
Previous Loan DetailsAltantsetseg is 36 years old, widowed, and has three daughters, all of whom attend school. They live in a ger, Mongolian yurt, in Hovd province of Mongolia. She manages a used clothing trading business at a rented stall at a local market. She started her business in 1995 and gained much experienc... More from Altantsetseg'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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Success!! The loan was 100% repaid
- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Mar 16, 2012
- Apr 17, 2012
- Currency Exchange Loss:
- Feb 15, 2013
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.