She gained a lot of experience in retail business and she managed to buy a piece of land with a family house on it. In the future she is planning to do a proper renovation and extension to the house. Currently, she lives in a 10-square-meter rented room with her children. Her eldest son studies in University and took a one year leave because he could not pay his annual fee, and, at the moment, he is helping his mother’s business. Her youngest son studies in secondary school.
Once a month Mrs.Oyunchimeg travels to Ereen, a Chinese border city, to buy shoes from wholesalers and then sells them at the local market. The loan she is requesting will be used to do renovation and extension to the house.
About Credit MongolCredit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid