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Badam

Update on Badam

Badam is 52 years old and is widowed. He lives with his son in a ger, a Mongolian nomadic yurt. Badam runs a passenger minivan service between two outdoor bazaars in Ulaanbaatar, the capital city of Mongolia. He has been driving a car for many years. He used to work as a driver in a company but left that job due to a poor salary. Badam's vehicle has become badly damaged and he is unable to use it in his business.

Badam is requesting a loan to repair his vehicle and buy spare parts to repair his minivan. He believes his business will be easier and more profitable after his minivan is repaired.

Previous Loan Details

For the last several years, Mr. Badam has earned a living by providing transportation services in Ulaanbaatar, the capital of Mongolia. He is widowed and lives with his son and his sister's family in a suburb near the city. In the future, he plans to increase his income by opening a grocery store... More from Badam'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
  • $15,401,550
    Funds lent in using Kiva
  • 1,320.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,150 helped Badam to buy spare parts to repair his minivan.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 18, 2012
Listed
May 24, 2012
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2013
This photo was used before for a previous loan for Badam. It was first posted on Kiva on Nov, 2011. Learn More