Update on EnhbayarMr. Enhbayar is 27 years old and lives in the Uvs province of Mongolia with his wife and son in a ger, a traditional nomadic tent. He started his small business repairing auto wheels and tires in 2011. He has years of experience working in the auto repair service company. Recently, more wheels and tires auto repair shops opened and his income decreased. He is now planning to start an auto painting and auto body repair service business in his rental place. He already built close relationship with his customers and is well-known for his qualified services. His wife Erdenetsetseg has been taking care of their son Erhembayar and stays home, unemployed. He is planning to get his wife to attend a specialized training course to get a job in order to increase the family's income and start saving for his son's further education. He is now requesting 2,500,000 MNT to purchase equipment and tools for his new auto painting and body repair business.
Previous Loan DetailsEnhbayar D. is 24 years old and lives with his wife and one-year-old son in their own house in Uvs province of Mongolia. His wife is currently unemployed and is taking care of their son. Enhbayar has been operating a wheel and tire repair center since 2007 and has found success with his business.… More from Enhbayar'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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