Update on BayarsaikhanBayarsaikhan is 34 years old and lives with his wife and two children in a ger (Mongolian yurt/nomadic tent) in the slum district of Ulaanbaatar, the capital city of Mongolia. His wife changed her job and now works as a cook in a cafeteria while their two kids attend kindergarten.
Since 2002, Bayarsaikhan has been running a taxi to support his family. He was trained as an engineer, but he still has not been able to find employment in his field. His business has been a main income source for his family for the past few years, as he explains. His wife’s monthly wage is not enough to provide the family's necessities. His car needs repair or renovation as soon as possible in order to continue his normal business operates. Core parts have been damaged, including an old engine and gear box, and its body is dated. Therefore he is requesting 1,200,000 MNT to purchase better spare parts and to cover his car renovation costs.
Previous Loan DetailsMr.Bayarsaikhan is 33 years old and lives with his wife and two children (aged one and two) in Ulaanbaatar, the capital city of Mongolia. They live in a ger, a traditional Mongolian nomadic tent. Bayarsaikhan’s wife Dolzodmaa works as a human resource manager in private company. Bayarsaikhan’s mo... More from Bayarsaikhan'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