Update on MunhbatMr. Munhbat is 36 years old and lives with his wife and daughter in a house in Ulaanbaatar city. He has been managing a firewood trading business in the biggest wood products market of Ulaanbaatar city. He buys the firewood from rural wholesalers and then retails it in one day. Although he now sells only firewood, his plan is to increase his product line by adding timber and raw materials, which he will sell to construction companies. He is responsible for transportation and sales and his wife is responsible for the bookkeeping part of his business. Now they have an old truck and they are planning to buy a new one. Therefore, he is asking for 2,000,000 MNT, which he will add to some money that he has saved, for the cost of the new truck. He has had two previous loans that were paid on time.
Previous Loan DetailsMunhbat is 35 years old and lives with his daughter and wife in a house in Songinohairhan district of Ulaanbaatar city, Mongolia. His daughter is a high school student and his wife helps him to manage the family business. He started his business at Hangai wood trade market in 1990 and now is cont... More from Munhbat'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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