Update on UndarmaaUndarmaa is 30 years old and lives with her husband and three children in Ulaanbaatar, the capital city of Mongolia. They live together in a small wooden house on her plot of land. Her children, ages 6 to 11, are all attending the local secondary school.
She and her husband have been running a furniture making business since 2006. They buy materials such as plywood, planks, glue and wood processing equipments to make different household furniture for apartments and gers (a traditional Mongolian nomadic tent). Undarmaa sells the furniture at “Narantuul”, the biggest outdoor market in Ulaanbaatar city.
She wants to develop her business day by day. This time, she plans to increase her business by adding working capitals, anticipating a higher sales volume. Undarmaa thinks it will raise her family income in the future. The loan will be dedicated to purchase wood and other raw materials for her carpentry shop.
Previous Loan DetailsUndarmaa is 29 years old and lives with her husband and three children in Ulaanbaatar, the capital city of Mongolia. They live together in a small wooden house on her plot of land. Her children, ages 6 to 11, are all attending the local secondary school. She and her husband have been running a ... More from Undarmaa'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.
0View loans »
Success!! The loan was 100% repaid
- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Mar 21, 2012
- Mar 30, 2012
- Currency Exchange Loss:
- Apr 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.