Update on ByambatsogtMr. Byambatsogt, 42, is a taxi driver and lives with his three children and his wife in a slum district of Ulaanbaatar, the capital city of Mongolia. Before he used to live in the suburban ger district /a Mongolian nomadic yurt district and almost same with slum district, it has very much air pollution etc./.He has been running his business since 2005 and it is a main income source for this family now, because his wife is unemployed and does her housework and cares for her kids. Byambatsogt raises 10 pigs currently at his backyard. Actually they had started a selling motor engine oils in rental kiosk. But it did not succeeded generally. Therefore he and his wife have been giving importance a taxi business since then. Lately the car has been bad and is damaged in some of its parts. It has a bad influence on his business, decreasing the earnings. He decided to repair and renovate his car. The loan he is taking will be dedicated to purchasing the necessary spare parts and repairing his car. Thank you so much for your understanding his problems.
Previous Loan DetailsMr.Byambatsogt is 41 years old. He lives with his wife and 3 children in Ulaanbaatar, the capital city of Mongolia. His family live in their own house in a suburb of Ulaanbaatar. His two eldest children go to University and the youngest one attends a kindergarten. His wife is unemployed at the mo... More from Byambatsogt'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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- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Mar 20, 2012
- Apr 13, 2012
- Currency Exchange Loss:
- May 13, 2012
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.