Update on UlamsurenUlamsuren is a 63-year-old man who lives with his wife in Hovd province in Western Mongolia. His wife is a retiree. He started repairing cars in 2005. At that time, it was quite a new business. Therefore, he is considered to be a talented, good repairman in the town and has many regular customers. He runs the business inside the fence and supplies the best services to the customers. Ulamsuren is a hardworking man who says that, "I would like to develop the business activity by purchasing the necessary repairing materials so that I could offer many kinds of auto services and increase the volume. Not only the profits, but I also try to have the best services for the customers". The total amount he is requesting is 3,400,000 MNT to buy auto repairing materials for the business.
Previous Loan DetailsUlamsuren T. is 61 years old and lives with his wife and two sons in their own ger -- a traditional housing tent, in Hovd province, western Mongolia. He was a driver and used to work in the government organization till 2005. Since then, he has been operating a car repair and welding service i... More from Ulamsuren'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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