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Norovsuren

Update on Norovsuren

At this time, he wants to purchase 4 more milk cows from herders to increase the output of his business. It costs over 4,000,000 MNT and his sales volume will be expanded when he has 4 more cows as he plans. The loan he is taking will be used to cover the cost of 4 more cows to expand his business.

Previous Loan Details

Mr. Norovsuren is 41 years old and a farmer. He lives with his wife and three children in a suburb of Ulaanbaatar, the capital city of Mongolia. All three children study in secondary school. Mr. Norovsuren has grown up in a herder family and he likes animals. He is a plumber by profession but three… More from Norovsuren's previous loan »

Additional Information

About Credit Mongol

Credit 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.

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

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,360.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,950 helped Norovsuren to cover the cost of 4 more cows to expand his business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 20, 2012
Listed
Feb 4, 2012
Currency Exchange Loss:
Covered
Ended:
Feb 17, 2014
This photo was used before for a previous loan for Norovsuren. It was first posted on Kiva on Mar, 2011. Learn More