Update on JagaparMr. Jagapar is 48 years old and lives with his wife and three children, ages 20, 8 and 6, in a small house in the Bayan-Ulgii province of Mongolia. His older son is college student and the other children go to the secondary school. His wife is a hospital nurse.
Mr. Jagapar owns two billiard tables in the local market of Bayan-Ulgii. His daily income is from 20,000 to 25,000 Mongolian tugriks (MNT). His monthly net profit is 520,000 MNT. He is very experienced at his work, which he has done since 2005.
Mr. Jagapar is planning to expand his billiard service. He is requesting 1,000,000 MNT to purchase a new billiard table. Mr. Jagapar hopes to grow his business. He wants his own billiard club.
Previous Loan DetailsJagapar Z. is 46 years old and lives with his wife and three children in Bayan-Ulgiy province in western Mongolia. He and his family live in a ger, a traditional Mongolian nomadic housing tent. His oldest son is a student, his middle daughter attends a local elementary school and his youngest dau... More from Jagapar'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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