Update on GankhuyagMr. Gankhuyag, 44, sells second-hand clothes in an outdoor bazaar in Ulaanbaatar, which is the capital city of Mongolia. He has been operating his business for three years. He lives with his wife and two children in his ground-floor apartment that has two rooms. He keeps his stock in one of the rooms, and it is not very spacious for storing clothes. Currently, his family is using just one other room, and everything is crowded. His apartment was built in the early 1980s, and it has not undergone renovations in many years. In the winter, it suffers heat loss through its windows and wall corners, and the ceilings are frosted. Usually, he uses a coal or wood-fired stove in his kitchen to warm his home and dry out the moisture inside the rooms. He knows that it is very harmful to the health of his family members and the environment. So, he decided to make some repairs to his apartment. First, he will need to buy wall insulation materials such as foam, silicon, cement, and other building materials to make renovations to his old apartment. In addition, he plans to extend his apartment by adding one more room.
Previous Loan DetailsGankhuyag is 41 years old and lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. They live together in small wooden house on his land. His two children, Bayarchimeg and Ganzorig, are high school and secondary school students. His wife works at “Mongol Goyol LLC” as... More from Gankhuyag's previous loan »
More information about this loan
This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.
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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