Update on MagsarMagsar is a 40-year-old carpenter who lives with his family in the outer ger district, without the basic infrastructure of Ulaabaatar City, Mongolia. His spouse is a doctor for a local kindergarten, and their son and daughter both attend secondary school.
Previously, his family was living in a traditional Mongolian felt tent. Now they live in a new small house, which they built using funding from Kiva. His previous two loans were for setting up a heating system and purchasing blocks. Now Magsar is requesting a 2,500,000 MNT loan to furnish a bathroom and to provide other necessary materials.
Magsar is a very trusted repeat Kiva client. He really appreciates the funding from Kiva, and he is very thankful to all the kind Kiva lenders for giving him an opportunity to have his own property and to live there with his family happily, comfortably and safely.
Previous Loan DetailsMagsar is a 39-year-old carpenter who lives with his family in the outer ger district without the basic infrastructure of Ulaabaatar city, Mongolia. His spouse is a doctor for a local kindergarten, and their son and daughter both attend secondary school. Previously, his family was living in a... More from Magsar'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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