Update on NaranhuuNaranhuu is 59 years old and lives with her husband, five children and grandchild in Hovd province in Western Mongolia. Her husband is a retiree. She has been running a bakery since 1995 based on her experience. She bakes different types of bread, fine pastries and cookies at home and trades them at the trade center in the town. Her bakery goods are famous for their taste and appearance. Naranhuu is a talented confectioner who says that, "I would like to develop the business activity by purchasing the bakery materials. I always try to bake tasty and healthy bakeries to my customers". The total amount she is requesting is 2,500,000 MNT to purchase the bakery raw materials for her business development.
Previous Loan DetailsNaranhuu Y. is 57 years old and lives with her husband and five children and grandchild in Hovd province of Mongolia. She and her family live in a teacher's apartment. One child is a university student and one child attends a local school. Naranhuu operates a bakery production business in her tow... More from Naranhuu'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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