Update on LhagvajavMrs. Lhagvajav is 44 years old and lives with her husband in a house in the Hovd province of Mongolia. Her husband, Amgalan, age 43, runs a transportation business in town. The borrower has been running a tailoring service since 1992 at home. She has built close relationships with her customers and suppliers over the years. She is now requesting 1,000,000 MNT to purchase inventory to meet the demands of her customers. She is a hard-working, kind, and clever woman.
Previous Loan DetailsLhagvajav D. is 42 years old and lives with husband in their apartment in Hovd province, Mongolia. Lhagvajav operates a business making clothes out of her home. She began her business in 1992 after graduating as a seamstress in Russia in 1987. She makes a variety of clothes according to her… More from Lhagvajav'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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