Update on ErdenedelgerMrs. Erdenedelger, 38, runs a second-hand clothes business in an outdoor market of Ulaanbaatar, the capital of Mongolia. For seven years she has been selling clothes. In the summertime, she sells t-shirts and bags, and in the winter, she sells jackets, coats, etc. Currently, she lives with her family in a ger, a Mongolian traditional nomadic yurt, in the ger district of Ulaanbaatar. Her family owns an old, small house in addition to their ger, but it was built with very bad walls. In the winter, their house suffers heat loss and emits fuel. So, she wants to repair her home before the winter. First of all, she plans to add insulation to the walls. The loan she is taking out will be dedicated to covering the cost of building materials to repair her house.
Previous Loan DetailsMrs. Erdenedelger, age 38, runs a second-hand clothes stall in a bazaar, located in a boundary district of Ulaanbaatar, the capital city of Mongolia. She has been running her business for seven years and has gained many customers. She buys her clothing items from suppliers who bring them from the… More from Erdenedelger's previous loan »
More information about this loan
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.
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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- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Aug 16, 2012
- Aug 26, 2012
- Currency Exchange Loss:
- Mar 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.