Update on NarantsetsegNarantsetseg is 45 years old and lives with her children in a ger, a Mongolian yurt, in Hovd province of Mongolia. Her older children are college students and her son is a secondary school student. She started her business in 2003 by selling home appliances at the local market. She mainly purchases products from the Mongolian western border. A home appliances selling business is not a seasonal business; therefore, her sales are stable. Mrs.Narantsetseg bought a trading container in 2009. She is an open-minded person who says "September and October is high season for marriage and events. So demand of home appliances is very high. I am trying to sell as many products as possible." She is requesting 4,000,000 MNT loan to pay for her children's university tuition.
Previous Loan DetailsNarantsetseg is 41 years old and lives with her three children in a ger, a Mongolian yurt, in Hovd province of Mongolia. Her eldest daughter is a college student and the other two are high school students. Narantsetseg started her business by selling retail goods at the local market. She sells ho... More from Narantsetseg's previous loan »
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
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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