Update on BattulgaMr. Battulga, 37, changed his job to electrician in a gas station since last year. He lives with his wife, son and mother in his mother’s apartment, which is in Ulaanbaatar, the capital city of Mongolia.
His apartment was built in the early 1960s and has never been renovated since then. Now it is old and it is uncomfortable to live there. In winter time, it gets very cold in due to the heat loss through the windows and doors, etc.
So he decided to make renovations to his home. It costs about 1,200,000 MNT as he calculated. The loan he is taking will be dedicated to buying the building materials to make repairs to his apartment.
Previous Loan DetailsMr. Battulga is 36 years old and works as a taxi driver. He has been running a taxi business since 2001. He used to work for the State-owned taxi company and when the company was privatized, he bought his car on a leasing contract and successfully paid it off. Battulga lives with his mother in… More from Battulga'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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid