Update on UrnuhbilegMrs. Urnuhbileg is 34 years old, and she lives with her husband and four children in a ger (a traditional, round, felt tent) in Hovd province, in western Mongolia. Her husband, Purevorj, works at a local security company as a security guard. Her daughter Nomin-Erdene, age 13, and sons Suhbat, age 10, and Suhhuyag, age 6, go to local schools, and her youngest daughter, Amin-Erdene, goes to a local kindergarten.
Borrower has been running a taxi service business in town, since 2008. But her car has been broken for a while, so she has not been able to run her business during the past few months. She is now requesting 2,600,000 MNT to purchase spare parts for her car, to fix the problem. The loan will enable her to restart her taxi service. She is a hard-working, welcoming, and friendly woman.
Previous Loan DetailsUrnuhbileg G. is 32 years old and lives with her big family in Hovd province in western Mongolia. Her family enjoys a comfortable lifestyle and they all are in good health. Her elder two children attend a local middle school, the middle son goes to a kindergarten, the youngest one is too little… More from Urnuhbileg'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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