Update on AibekAibek is 27 years old and lives with his wife in Bayan-Ulgii province in Mongolia. He also feeds his mother and younger sister. His mother earns a little income, but his wife and younger sister are unemployed. He started his own taxi service business after his long-term job search. At the same time, he earns a profit from selling truck parts, which were collected from the countryside. Today, Aibek has exprience in the transportation service business in his town and the local residents appreciate him as a diligent man. Aibek is planning to expand his business and to support his younger sister to start-up her own business. Currently, Aibek is requesting 3,080,000 MNT to buy truck parts to start his sister's business.
Previous Loan DetailsAibek is 26 years old and lives with his mother and sister in a ger, a Mongolian yurt, in the Bayan-Ulgii province of Mongolia. His mother is a nurse in a local hospital and his sister is a college student. Aibek started his local transport business in 2008 by using his pick-up truck. He als... More from Aibek's previous loan »
More information about this loan
This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.
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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