Update on MendbayarMendbayar is 38 years old, married, and lives with her husband and two daughters in her ger (a traditional nomadic Mongolian tent) in Bayanhongor province, Mongolia. Her husband operates his own business and their two daughters go to school. In 2003 Mendbayar rented a food stall to start a business trading grocery goods. Since 2007 she has been operating a traveling business through the countryside. She travels around country side and sales grocery product. The traveling trade has more advantages, as it provides more profit and quicker income. The working capital has reached to 2,000,000 MNT. For the traveling trade, they use a car that was bought in 2011. Mendbayar and her husband are hardworking people, and their future plans are to expand their business so they can build a house. Mendbayar is requesting a loan of 2,000,000 MNT to purchase grocery goods to serve rural people.
Previous Loan DetailsMendbayar S. is 36 years old and lives with her husband and two daughters in Bayanhongor province, Mongolia. They live in a ger, a traditional Mongolian nomadic tent. Her two daughters, aged 8 and 12, both attend a local secondary school. Mendbayar operates a food trading business with the hel... More from Mendbayar'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