Update on JargalsaihanJargalsaihan is 49 years old and lives with his wife and a daughter in a ger, a Mongolian yurt, in the Uvurhangai province of Mongolia. His wife Enhee produces handmade embroidery and sells at a local market in her friends' booths. His older daughter and son live in Ulaanbaatar city and work at local companies. His youngest daughter is a university student.
He started his own wooden furniture production business in 2008 right after his family moved in to the province center. He has received an order of several pieces of wooden furniture and doors from the countryside and needs extra supplies. He is now requesting a loan of 1,000,000 MNT to purchase a large amount of planks and other supplies to meet the order on time. Jargalsaihan is very experienced in wooden furniture production, and his customers appreciate him as a reliable and punctual man.
Previous Loan DetailsJargalsaihan is 48 years old and lives with his wife and his two daughters in a ger, a Mongolian yurt, in the Uvurhangai province of Mongolia. His wife helps out with his job. His older daughter lives separately. One of his other two children is a college student. He started his own wooden… More from Jargalsaihan'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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