Update on Munh-AmgalanMr. Munh-Amgalan is 35 years old and lives with his wife and 2 children in a house in Arhangai Province, Mongolia. His wife, Enhsaihan, age 33, runs a small retail store in a local market. His daughter, Azjargal, age 7, and son, Barhas, age 3, go to a local primary school and kindergarten. The borrower has been running a taxi service business in town for 4 months now and need a loan of 500,000 MNT to replace tires and purchase some spare parts to install in his car. He is a hardworking, diligent, and honest man.
Previous Loan DetailsMunh-Amgalan G. is 32 years old and lives with his wife and two children in Arhangai province, Mongolia. They all live together in a ger, a traditional Mongolian tent home. He started his own business in 2002 operating a clothing retail trading business and has gained business experience. Today,... More from Munh-Amgalan'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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Success!! The loan was 100% repaid