Update on KhatanbaatarKhatanbaatar, 23, runs a taxi service, and his wife and her sister run a small grocery store together as a family business. He lives with his wife in a rental apartment in the slum district of Ulaanbaatar, the capital city of Mongolia. Khatanbaatar and his wife want to increase the working capital of their grocery store in order to expand the business. It will increase the store’s sales volume as well as the family's income. He first needs to purchase commodities in large amounts from the big food markets in the city. The loan he is taking will be dedicated to increasing the business's working capital.
Previous Loan DetailsMr. Khatanbaatar, 23, is a taxi driver and lives with his wife in a rental apartment in Ulaanbaatar, the capital city of Mongolia. They married just this year and trying to solve the problems of a young family. He has been running a taxi business since 2009 and his daily earnings are not enough f... More from Khatanbaatar'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