Update on BatmunhMr. Batmunh is 48 years old and lives with his wife and 2 sons in a house in the Selenge province of Mongolia. His wife Odonchimeg, age 33, works at a local kindergarten as an assistant teacher. His sons Uuganbayar, age 11, and Magnaibayar, age 6, go to a local school.
Batmunh has started working at auto repair service business in 2000 and has been operating business himself since 2003. He has gained a lot of experience and regular customers over the years. He is now requesting 1,500,000 MNT to purchase inventory to run his business smoothly with no sudden pause. He is a hardworking, responsible and modest man.
Previous Loan DetailsBatmunh, 47, lives with his wife and three children in Selenge province in Northern Mongolia. His wife is unemployed. The children go to the secondary school and kindergarten. He started an auto service business in 2003. He has experience in the field so he has many regular customers and the… More from Batmunh'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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