Update on AltansuhAltansuh is 45-year-old Arhangai province resident who lives with his wife and 3 children. His wife Altantsetseg runs a clothes retail business with her husband for several years in a rental counter of the market. His daughter is a university student in the Ulaanbaatar city and their 2 sons are secondary school students. Altansuh and his wife lived in the countryside breeding livestock until 2007, and moved to the province center and started their clothes retailing business in the local market. They have been covering the family's expenses off of their business profit since then. He is now requesting a loan of 3,500,000 MNT to maintain inventory level in order to increase their sales, because they have paid off their daughter's university tuition and their inventory level went down a little. Altansuh is a happy and hardworking person.
Previous Loan DetailsAltansuh is a 44-year-old man who lives with his wife and three children in the Arhangai province of Central Mongolia. His oldest child is a college student and his younger children study at the secondary school. Altansuh started a garment retail business in 2005 with his wife. His business i... More from Altansuh'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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