Bolormaa has been running a clothing retail business since 2009 on the Narantuul, the biggest outdoor market in Ulaanbaatar. During past two years her working capital has increased four times. Her husband runs a taxi business using his family car, earning extra income for the family. They have two children and the elder one is a student at the National Science and Technology University. The kids are grown up and need more space and separate rooms.
The house where they live is 15 square meters and they live quite squashed. Bolormaa is planning to build an extension to the house, making separate rooms for her kids. The loan she is taking will be used to buy necessary building materials and to build the 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