Update on UuganbayarMr. Uuganbayar is 29 years old and lives with his two daughters and his wife in a ger in the Zavkhan province of Mongolia. His wife helps him with his shoe-repair business. His older daughter entered primary school this year and his younger daughter goes to kindergarten.
Mr. Uuganbayar is planning to open his own boot-making business. He has been learning from his mother how to produce traditional Mongolian boots since 2002. He has years of experience in both shoe repair and production.
Mr. Uuganbayar needs 500,000 MNT to purchase raw materials and a sewing machine for his boot-making business. He is a hardworking and neat man.
Previous Loan DetailsUuganbayar O. is 27 years old and lives with his wife and two small daughters in Zavhan province in Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. His wife has recently given birth and stays at home taking care of two daughters. Uuganbayar owns and opera... More from Uuganbayar'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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Success!! The loan was 100% repaid