Update on YumdermaaMrs.Yumdermaa is 50 years old and lives with her five children in Ger, in the Hovd province of Mongolia. Her oldest son got married and moved out. Her older children have graduated and started working. Her three younger children are still attending schools.
Yumdermaa has been running a cafeteria in town for years. She has built a regular client base and close relationship with her suppliers. She is now requesting a loan of 3,500,000 MNT to purchase a secondhand car for her son, to start a taxi service business in town. She is a hardworking, caring, and modest woman.
Previous Loan DetailsYumdermaa R. is a 47-year-old single mother who lives with her 6 children in Hovd province in Mongolia. She and her children live in a ger, a traditional Mongolian housing tent, on a fenced lot. Her oldest son works for a security company in Ulaanbaatar, the capital city of Mongolia. Her next… More from Yumdermaa'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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This loan has been fully funded!