Update on TseveenMr. Tseveen is 27 years old lives with his wife and daughter in a ger (Mongolian yurt) in Uvs, a province of Mongolia. He and his wife have been running a private shoe-making company together at home, she runs the business and he is the cobbler. Their daughter Shinetsetseg is two years old and stays at home.
He was working as shoe-maker in a private shoe making company for years and he started his own home-based business as a cobbler with his wife in 2006. They are well known within the area and have built close relationships with customers. He is now requesting loan of 2,500,000 MNT to purchase inventory and change their machinery so they can run their business smoothly. The borrower and his wife both are hardworking and diligent people.
Previous Loan DetailsTseveen is 26 years old and lives with his wife and daughter in a ger , a Mongolian yurt, in the Uvs province of Mongolia. He manages a shoe-making business with the help of his wife in his town. They started their business in 2006 after working as shoemakers in a private company for several yea... More from Tseveen'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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- Repayment Term
- 38 months (Additional Information)
- Repayment Schedule
- Nov 2, 2012
- Dec 1, 2012
- Currency Exchange Loss:
- Sep 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.