Update on BolormaaBolormaa is a 45-year-old single mother with two children who lives in Ger in the Bayanhoshuu area of Ulaanbaatar, Mongolia. Her older son is 24 and works at various types of jobs to help his mother, and her younger son Buyandelger studies at a local school. Bolormaa has been providing a shoe repair service business for the last 12 years and she rents a small place which is located in the ger district area where most of the residents are low-income level and cannot afford to purchase expensive new shoes. She has built close relationships with her clients over the years. She is now requesting a loan of 1,000,000 MNT to purchase secondhand shoes in bulk to sell to local customers to increase her income. She is an optimistic, strong and hardworking woman.
Previous Loan DetailsBolormaa is a 44-year-old divorced woman who lives with her 2 children in a suburban area of Ulaanbaatar city, Mongolia. Her younger child studies at the secondary school. She started her boot-repair business in 1992. She has been running the business successfully since that time. The business… More from Bolormaa'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!