Update on ElbegsaihanMr. Elbegsaihan is 50 years old and lives with his wife and four daughters in a ger in Bayanhongor province of Mongolia. His wife Minjbadgar works at local company. His oldest daughter graduated and started working, the second oldest daughter studies at university and the youngest daughters study at a local secondary school.
Elbegsaihan started manufacturing wooden furniture at home in 1984. He has already became well-known with his tasteful and qualified products among clients. He has got an order and needs 550,000 MNT to purchase the necessary inventory to manufacture the furniture for his client. He is a hardworking and diligent man who dreams of getting all his daughters educated and able to live on their own.
Previous Loan DetailsElbegsaihan, 48, is married and lives with his wife and four children in the Bayanhongor province of Mongolia. His two older daughters attend college while the younger two daughters attend a local secondary school. His wife is unemployed and helps him with his business. Elbegsaihan became a ... More from Elbegsaihan'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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Success!! The loan was 100% repaid