Update on ShaizandaShaizanda is 75 years old, married, and has two adult children who live with him along with his daughter-in-law. They live in a small house in Bayan-Ulgii, Mongolia. His wife is retired and takes care of family. His older son works as auto repairman in a local company.
Shaizanda has been running his butcher shop since 1998. He has a lot of experience and has been a good client of XacBank for many years. He is now planning to involve his youngest son in his business and let him start his own business while learning from.Shaizanda. Shaizanda is requesting a loan for 4,500,000 MNT, which he will use to purchase large amounts of meat products from herders to sell to local customers and to let his son to start his own business right next to his while learning from him.
Previous Loan DetailsShaizanda M. is 72-year-old businessman who lives with his wife and their youngest two children in a ger (or Mongolian nomadic tent) in Bayan-Ulgii province, Mongolia. He and his wife have two older children who live independently while the youngest two, who are 16 and 17, attend a local secondary… More from Shaizanda'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!