Update on TovuudorjMr Tovuudorj is 36 years old and lives with his wife and 4 children in Ger in Uvurhangai province of Mongolia. His wife Gantsetseg, aged 36, stays home and takescare of their new born baby girl Nominzul. His son Davaadorj, aged 13, and daughters Hongorzul and Ariunzul who are aged 11 and 7 respectively, go to local schools. Tovuudorj has been running an auto repair service business on his plot of land since 2008. He is well-known in town for his excellent service. His wife is now planning to start her own business of offering computer services in a rental place. He is now requesting 3,500,000 MNT to purchase a starting inventory for his wife's new computer service business. He and his wife are both hardworking, diligent and friendly people.
Previous Loan DetailsTovuudorj is 35 years old and lives with his wife and three kids in a ger (Mongolian yurt) in Uvurhangai province, Mongolia. His wife is unemployed and all three children are students. Tovuudorj runs a car service shop. He majored in vehicle engineering, so he has a very strong background in serv... More from Tovuudorj'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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