Update on EnhbaatarMr. Enhbaatar is 31 years old, lives with his family in a ger (a felt lined tent) in the Tosontsengel province of Mongolia. His wife is named Tuvshruh and helps her husband and his business. His three children go to the secondary school and the youngest one is 1 year old and stays at home with his wife. He started to make national shoes at his home in 1996. Now he is starting his brand new business as a transportation service provider. His estimated income and profit for the business is better than his cobbler business and now he is requesting 5,000,000 MNT to purchase a mini-truck to provide transportation for locals. He is a hardworking and friendly man who says that "I need to build a small house for my family, because the kids are growing so fast and we cannot fit in ger any longer."
Previous Loan DetailsEnhbaatar C. is 30 years old and lives with his wife and two children in Zavhan province in Western Mongolia. His oldest child currently attends a local secondary school. Enhbaatar started a boot making business in his town with the help of his wife in 1996. He works hard as his business is the… More from Enhbaatar'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