Update on SukhbaatarMr. Sukhbaatar, 59, runs a taxi around the districts of Ulaanbaatar, the capital city of Mongolia. He has been doing his business since 2008 and already has had many permanent customers. He lives with his family in a ger, a Mongolian traditional nomadic tent, in the slum district of Ulaanbaatar. Currently his taxi business income is the main income source for his family. His oldest son has decided to start a business like his father’s. First he needs to purchase a suitable car. The loan Sukhbaatar is taking will be dedicated to cover the cost of his son’s purchasing a car for starting a taxi business.
Previous Loan DetailsMr. Sukhbaatar lives with his wife. His three children have already started their own individual lives. He has three years of experience in the taxi business. He used to drive his employer's car, but later realized that he could make more money driving his own car. In 2010, he bought a car to use... More from Sukhbaatar's previous loan »
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.
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