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Update on Buyan

Mr. Buyan is 36 years old and still lives with his wife and daughter, in a house in Bayanhongor province, Mongolia. His wife, Nyamhuu, helps her husband to run their family business. They sell clothing and general consumer products, at rental counter in the local market.

Borrower has been running his business since 2006. He has a lot of experience and regular customers. Now, he is requesting 2,500,000 MNT to purchase seasonal inventory to sell to local customers. He is a hardworking and honest man, who says "My daughter will soon be a university student, and we need to save from now on, for her further education."

Previous Loan Details

Buyan R. is 33 years old and lives with his wife and daughter in Mongolia's Bayanhongor province. He and his family live together in a ger, a traditional Mongolian nomadic tent. His daughter attends a local primary school. Buyan operates a clothes trading business out of two different containers ... More from Buyan's previous loan »

Additional Information

About XacBank

This 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.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,825 helped Buyan to purchase seasonal inventory to sell to local customers.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Feb 17, 2013
Mar 19, 2013
Currency Exchange Loss:
Aug 17, 2014