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Soyolmaa

Update on Soyolmaa

Soyolmaa is 49 and lives with her husband and daughter in Ulaanbaatar, the capital city of Mongolia. Since 2005, she has managed a food sales business. Soyolmaa’s husband supports her business every day. Their daughter is going to enter university this year, but there is a financial problem with the university payment.

This time she is requesting a loan to cover the cost of a car for her business. That car will be used for carrying the groceries from her supplier. She thinks it will be very helpful and beneficial for her business in the future, as well as for her husband, Purevdorj, who will run a taxi during the nights.

Previous Loan Details

Soyolmaa is 48 and lives with her husband and daughter in Ulaanbaatar, the capital city of Mongolia. Since 2005, she has managed a food sales business. Soyolmaa’s husband supports her business everyday. Their daughter is going to enter university this year, but there is a financial problem with t... More from Soyolmaa's previous loan »

Additional Information

About Credit Mongol

Credit 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.

About Mongolia

  • $5,900
    Average annual income
  • 5
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,310.0
    Mongolia Tugriks (MNT) = $1 USD
Expired
A loan of $1,550 helped Soyolmaa to cover the cost of a car for her business.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 9, 2012
Listed
May 14, 2012
Currency Exchange Loss:
Possible
Expired:
Jun 13, 2012