Update on ChimedtserenChimedtseren is a 51-year-old, married, Mongolian man who lives with his family in a ger (a traditional Mongolian felt tent). He has three children aged 11 to 22 and his wife works as a chef at the biggest restaurant of Mongolia's most famous hotels.
Chimedtseren is a specialized excavator machinist, but he supports his family by operating a business making folding doors. He employs one worker, who will help him to make more folding doors. The summer season sees mostly family managed housing projects, so his folding doors become popular throughout the outer ger districts, where there is a lack of basic infrastructure.
He is requesting a loan of 1,000,000 Mongolian Tugriks (MNT) to purchase metals and other necessary tools. With his business profits, he bought a truck, which he uses to carry his raw materials, such as metals. He also plans to expand his yard. His elder daughter has a new born baby, so his long term aim is to give his children and grandson safe and comfortable living conditions.
Previous Loan DetailsChimedtseren is 50 years old and lives with his wife and three daughters, who are 10 to 21 years old. The family lives in Mongolia's capital, Ulaanbaatar, in a ger, a traditional Mongolian felt tent. His youngest daughter attends public school while his middle daughter is a student. Chimedtseren’s… More from Chimedtseren's previous loan »
About TranscapitalTranscapital is one of the leading non-bank financial institutions (NBFI) in Mongolia. Through 12 branches, it serves mainly urban and semi-urban microfinance clients, including a growing number of migrants in the capital city of Ulaanbaatar. Of its clients, almost 68% are women and 60% live in ger districts, settlements made up of houses and traditional Mongolian felt tents that lack basic infrastructure.
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