Ankhbaatar needed a loan to renovate his old house in these coming months. The house was built in the early 1980s and has never been renovated since. The walls, roof and floor need to be insulated and the plumbing system needs to be replaced.
After renovations, the house should become well insulated from the cold weather, and coal usage and emission of smoke will be much reduced. At the same time, it will reduce air pollution around the city. Therefore, a loan will be dedicated to purchase the necessary building materials such as bricks, pipes, wood planks, paints and some insulation materials for his house renovation.
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