Update on ErdenetsetsegMrs. Erdenetsetseg, 47, runs a taxi around the districts of Ulaanbaatar, the capital city of Mongolia. She has approximately 6-7 shifts a day and this is the main income source for her family. Her husband, Batsaikhan, is also a taxi driver and he usually operates intercity passenger transportation. Currently she lives with her husband and son in their old house in the ger district of Ulaanbaatar – an area of the city with no running water, minimal roads and spotty electricity.
Erdenetsetseg requested a loan to build an entrance hall to her house in order to reduce heat loss through the door. With her plans, the family will cut the usage of fuel in the winter. Also, she will use the hall to keep some house holdings and things. The loan she is taking out will be used to pay for the building materials to build an entrance hall to her house. She will build it with her husband and son themselves.
Previous Loan DetailsMrs. Erdenetsetseg, 46 years old, lives with her husband and son in Ulaanbaatar, the capital city of Mongolia. Her eldest son just graduated from Railway College and lives separately. Her youngest son is studying in college. Erdenetsetseg is a taxi driver. She has been running a taxi business sin... More from Erdenetsetseg'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
- 21 months (Additional Information)
- Repayment Schedule
- Aug 30, 2012
- Sep 4, 2012
- Currency Exchange Loss:
- Apr 16, 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.