Update on BazarragchaaBazarragchaa is 46 years old and lives with her daughter in a Ger, a traditional nomadic tent, in the Uvs province of Mongolia. Her daughter Saranchimeg is 17 years old and is a sophomore student at university.
Bazarragchaa has been running her clothes retail business at a rental counter of a local market since 2000. She has also been growing organic sea-buckthorn trees and produces juice out of them. She has been paying her daughter's university tuition from her profits and gets her well educated.
She is now requesting a loan of 5,500,000MNT to pay her daughter's tuition fees and purchase clothing inventory to sell at her rental counter. She is thinking of building a small house for her and her daughter to live on their plot of land, and has started saving for it. She is a hardworking, welcoming and friendly woman.
Previous Loan DetailsBazarragchaa B. is a 43-year-old single parent who lives with her daughter and her sibling in the province of Uvs in Mongolia. She and her daughter live in their own ger, a traditional Mongolian nomadic housing tent. Her daughter, age 14, attends local secondary school. Bazarragchaa started her own… More from Bazarragchaa'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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