Update on NarantsetsegMrs. Narantsetseg is 47 years old and lives with her husband in a small house they built for family use in Uvurhangai province center, Mongolia.
Narantsetseg has been running her cafeteria business since 2001. She has changed her location several times, and is now located right next to a main road. She owns her small workplace.
She has been providing friendly services and tasty and healthy meals to local residents for years. She is now requesting loan of 4,000,000 MNT to purchase a large amount of organic vegetables, flour, and other inventories to store in her storage pit for her business during winter. She is well-behaved, friendly, and hardworking lady.
Previous Loan DetailsNarantsetseg is 45 years old and lives with her husband in a ger, Mongolian yurt, in Uvurhangai province of Mongolia. All her children are grown up and live separately. She manages a food cafe, with the help of her husband, in her town. She started her business in 2001 and has been able to build ... More from Narantsetseg's previous loan »
More information about this loan
This loan is part of XacBank's green loan program, giving Mongolian farmers the support they need to grow and process organic fruits and vegetables despite harsh conditions and short growing seasons. These loans are used to obtain critical resources, like greenhouse space to shield crops from the cold, and training for traditionally nomadic entrepreneurs who lack agricultural experience. XacBank's green loan program also helps clients to improve their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
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!