Update on MyagmarMr. Myagmar is 59 years old and lives with his wife and daughter in Uvs province of Mongolia. His wife, Oyunchimeg, helps her husband run their family business. His older children are married and live apart. His youngest daughter is a senior student at a local high school.
Myagmar has been selling firewood and coal in retail bags to local residents for years in a stall in the local market. He has purchased wood chopper equipment, and is now starting a small business of his to increase his income. He used to purchase firewood, pack them into retail bags, and then sell them to local users. Now he can produce from the beginning, and increase his margin way more.
He is now requesting 5,000,000 MNT to purchase other smaller tools and equipment to officially start his business. He is a hardworking, responsible, and diligent man.
Previous Loan DetailsMyagmar is 58 years old and lives with his wife and two daughters in western Mongolia. His wife is unemployed but she helps him with the business. Their third daughter lives far from the family and goes to college.
He has been preparing wood and coal, and purchasing them since 2003. He sells… More from Myagmar'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!