Update on BatmunkhMr. Batmunkh, 51, is one of the skillful drivers in Mongolia. He has been running a taxi business since 2010. His wife sells clothes in the outdoor market all year round. Currently, he lives with his wife and daughter in a house in the ger district, a district of Mongolian traditional yurts and houses in the boundary of Ulaanbaatar, the capital city of Mongolia.
Last spring, he moved in his house where he is currently living. His house was built many years ago and lately the house has been in bad condition and is old. First, he wants to repair the walls inside and outside, because there is heat loss through the walls in winter. He must use coal in a large amount to heat his home. Using coal is harmful and emits too much toxic smoke into the air and air pollution has been seen as one of the critical issues in Mongolia for years. Batmunkh will use his loan to buy wall insulation materials to repair his house.
Previous Loan DetailsMr. Batmunkh is 46 and lives with his daughter and wife in their own house in Ulaanbaatar, the capital city of Mongolia. He runs dual businesses; one is a taxi service and one is a host of second hand raw materials sale point. He started his businesses last year and he has been trying to build his… More from Batmunkh'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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Success!! The loan was 100% repaid