Update on MunhbayarMunhbayar is 29 years old and lives with his wife and two daughters in a small house in the Hovd province of Mongolia. His wife, Monhtsetseg, 30, helps him to work at a construction company during summers. His daughter Hishigzaya, age 9, goes to local primary school, and Egchiglen, age 4, goes to local kindergarten.
He works at a construction company during summers and provides taxi service during winter to local customers. His car has broken down and he is planning to purchase another second-hand car that is an eco-friendly electric and gas-consuming hybrid car to provide taxi service without problems.
He is now asking 5,000,000 MNT to purchase the eco-friendly electric and gas-consuming car for his taxi service business. He is a hardworking, positive and responsible man who also has good record on previous loans from XacBank.
Previous Loan DetailsMunhbayar is twenty-nine years old and lives with his wife and two kids in Hovd province in Western Mongolia. His oldest daughter has started to go school and the younger daughter goes to the kindergarden. With his help, his wife has been doing plumbing, construction and house decoration work since… More from Munhbayar's previous loan »
More information about this loan
This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
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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