Update on DavaasambuuDavaasambuu is 59 years old, lives with his wife and son in a ger in Uvs province of Mongolia. His wife Tseveen is retired and stays home taking care of her husband and son. His older son married and lives with his own family now. His youngest son Jargalsaihan is 16 years old and studies auto engineering at a local college. He started his business with his older son and is successfully running it with help of his wife and young son now.
He is now requesting 4,500,000 MNT to pay his son's college tuition and purchase tools for his business. He is a hardworking man who says "I will run this business with my youngest son and I already started training him"
Previous Loan DetailsMr. Davaasambuu is 58 years old and lives with his wife and 2 sons in a Yurt, in Uvs province, Mongolia. He and his son have been operating a car repair shop since 2000. They have been living in Uvs province over 20 years. His wife is on a pension and her health is well. They have built a new wor... More from Davaasambuu's previous loan »
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
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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This loan has been fully funded!