Update on MyagmarMrs. Myagmar is 52 years old and lives with her brother in their small house in Dornogovi province, Mongolia. Her brother works at local blacksmith shop as a welder.
Myagmar started her business in 2010 and has provided welcoming and friendly service to local clients ever since. She has up and downs in her business but now her business is stable and needs extra investment to expand her business a little bit. She is now requesting loan of 2,500,000 MNT to purchase a large amount of clothing inventory from Erlian, China, to sell at her rental stall. She is hardworking, very responsible, and a friendly woman.
Previous Loan DetailsMrs. Myagmar is 51 years old and the female at the head of her family. She lives with her brother in a house in Sainshand, in the Dornogobi province of Mongolia. Her brother, Chultemdorj, manufactures metal products such as fences, stoves, etc,. Her daughter, Davaasuren, has moved out and works as… More from Myagmar'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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- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Dec 25, 2013
- Jan 24, 2014
- Currency Exchange Loss:
- Oct 2, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.