Update on BathuyagMr. Bathuyag is 37 years old and lives with his wife, Baasansuren, two sons and a daughter in a small house in Arhangai province of Mongolia. His sons study at a local school and his daughter goes to local kindergarten.
Bathuyag has been running his business of photography services in town since 2001 and has built a lot of customers over the years. He has been covering his family expenses from his business profit.
He is now requesting a loan of 3,000,000 MNT (Mongolian tugriks) to purchase inventory, materials and equipment to start producing frames and providing full service to his clients. He is a hardworking, diligent and modest man.
Previous Loan DetailsBathuyag is 35 years old and lives with his wife and three kids in a ger, a Mongolian yurt in the Arhangai province of Mongolia. His wife is unemployed. His two older kids are in school and the younger one goes to kindergarten. He started his photography business in 2001 with 100,000 MNT. He has ... More from Bathuyag'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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- Repayment Term
- 19 months (Additional Information)
- Repayment Schedule
- Apr 27, 2013
- May 28, 2013
- Currency Exchange Loss:
- Oct 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.