Update on OyumaaOyumaa is 25 years old and lives with her husband and son in a ger in Bulgan province, Mongolia. Her husband Shagdarsuren runs a taxi service business. Her son Hatanbaatar is two years old. He goes to kindergarten.
Oyumaa has been working in a barber shop since 2007. She is very experienced and has gained customers' trust. She is a modest and diligent woman.
She is planning to start her own barbershop and also to purchase a new car for her husband from her business profit. She needs MNT 3,500,000 to purchase equipment and tools for her new business.
Previous Loan DetailsOyumaa is 24 years old and lives with her husband and son in a ger (Mongolian nomadic tent) in Bulgan province of Mongolia. Her husband is a taxi driver. She has been renting a small space in a hairdressing salon since 2007. She has a bright vision to open her own hair salon one day. Her equipment… More from Oyumaa'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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This loan has been fully funded!