Update on ErdenebatErdenebat is 33 years old man who lives with his wife and 2 kids in Uvurhangai province in Central Mongolia. His wife is helps her husband's business, also she sews traditional clothes. His oldest kid studies at the high school. He operates garment trading business and carpentry business.
Since 2002, he has been running garment retailing business and from 2007 he started his carpentry business. He brings the supplies from China. While he is away to bring the supplies, his wife stays at the shopcounter. He has made number of regular customers and they appreciate the goods. He plans to expand the business activities by getting the supplies in large quantities from China so that he would trade various types of it. Erdenebat is an intelligent guy who says that "I would like to expand my business to save the transportation expenses and bring the supplies in large quantities and profit more to save for the kids". The total amount he is requesting is 800,000 MNT to bring the garments from China.
Previous Loan DetailsErdenebat, 32, is married and lives with his wife and two sons in the Uvurhangai Province of Mongolia. They live in a ger (traditional felt house) on a small plot of land that they have owned for the past ten years. He is an electrician and his wife is a seamstress. Erdenebat operates two kin... More from Erdenebat'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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