Update on GerelmaaGerelmaa is 41 years old and lives with her two daughters in Ulaanbaatar, Mongolia. Her elder daughter just finished college and helps Gerelmaa with her business, while her younger one attends a local secondary school. Gerelmaa started her wallpaper retail business in 2007 by renting a counter in a construction market.
Before starting the business, Gerelmaa was a clerk in the same field, and she is therefore highly experienced. Now that the warm season is approaching, construction work will begin, and she therefore has to save enough supplies to run her business efficiently.
Gerelmaa is a sharp and hardworking woman. She is requesting a loan of 3,000,000 MNT to purchase more wallpaper for her business, because her business operates in the market in the summertime.
Previous Loan DetailsGerelmaa is 40 years old and lives with her two daughters in the Suhbaatar district of Ulaanbaatar, the capital of Mongolia. They live in a house on a plot of land that they own. Her older daughter attends college while her younger daughter attends a local secondary school. Gerelmaa began… More from Gerelmaa'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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