Update on MunhbayarMunhbayar, 42, lives with her husband and her three children in a ger (Mongolian yurt) in the Baganuur district, Ulaanbaatar, Mongolia. Her elder two daughters are secondary school students. She has been running her retail garment business since 2003. She is well known by the local residents. Her business is sustainable and she has many regular customers and suppliers. The income she generates from her business is not sufficient to provide for her family. She wants to expand her business. She is a hardworking, open-minded and humble woman. She is requesting 1,500,000 MNT to purchase more garments to sell.
Previous Loan DetailsMunhbayar is 41 years old and lives with her husband and three children in a ger, a Mongolian yurt, in the Baganuur district of Ulaanbaatar city. Her older two children, age 11 and 16, go to a local secondary school and the younger one, age 6, is in kindergarten. She manages a clothing trading… More from Munhbayar'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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