Update on ErdenebatErdnebat is 55 years old and lives with his wife in an apartment in the Selenge province of Mongolia. His 3 children are all married and live on their own. His wife Selenge stays home taking care of her husband and helps him to run his business. He has been running an auto spare parts retail business in a rental stall at the local market. He has already built close relationships with his suppliers and customers. He is now requesting 3,700,000 MNT to purchase a large amount of spare parts to sell to his customers. He is an experienced, responsible, well-organized person.
Previous Loan DetailsErdenebat is a 54 year-old man who lives with his wife and a daughter in Selenge province in Northern Mongolia. His wife is employed and his daughter is a college student. He started a car spare part retail business in 2003. He purchases the supplies from Russia and trades them at the capital cit... More from Erdenebat'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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