Update on ChuluuntogtokhMr. Chuluuntogtokh, 25 has been running a taxi since 2010. He lives with his wife and his son in a ger, Mongolian traditional nomadic yurt in Ulaanbaatar, the capital city of Mongolia. His wife works as a vendor in the bazaar and earns not enough. Since last year, he has been building a small wooden house for his family. Building is at 80% of processing and he wanted to buy some insulation materials to the walls. In winter, most of the Mongolian households use the coal fired stoves to stay warm at home /using the wood or other chemical fuels are unaccepted in Mongolia due to the harmful and less forest source/. Making the wall insulation is one of the good ways to reduce the usage of the coal fuel in Mongolia. As we know that the coal usage influences worst to the air pollution and health of people. So that he decided to buy the some building materials such as the foam, cement to the wall insulation. The loan he is taking will be dedicated to make the wall insulation to his building family house.
Previous Loan DetailsMr.Chuluuntogtokh always worries about his family's house which is in bad condition currently. He says the roof is so bad that rain water leaks through. He is a 24-year-old taxi driver. He lives with his wife, 3-year-old son, mother and two brothers. He has been running his taxi business for thre... More from Chuluuntogtokh's previous loan »
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This loan is part of Credit Mongol's green loan program, which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
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.
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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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