Update on NarantsetsegMrs. Narantsetseg is 31 years old and lives with her husband in their house in Uvurhangai province, Mongolia. Her husband Chodor is 31 and helps his wife to run their family business of clothes retail.
Narantsetseg has been selling baby clothes in a rented booth in the local market since 2004. As competition for baby clothing was high and demand was decreasing, she has changed her business into selling pants and jeans from her booth and her husband sells to local clients from his car trunk to increase their sales and coverage.
They are hardworking, open-minded and friendly people. Narantsetseg is now requesting 3,000,000 MNT to purchase winter clothes to sell in her rental booth when seasonal clothing demand is high.
Previous Loan DetailsNarantsetseg, 29, lives with her husband in the Uvurhangai province of Mongolia. They live in a ger, a traditional Mongolian nomadic home tent, in her parents' fence. Her husband operates a taxi service using his own motorcycle. Narantsetseg operates a clothing retail business from a stall at a l... More from Narantsetseg'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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