Update on SergelenMr. Sergelen is a 46-year-old taxi driver who operates his business in the boundary districts of Ulaanbaatar, the capital city of Mongolia. Since 2005, he has been using the same old car as a taxi. Sergelen lives with his wife and his three daughters on his brother’s plot of land in the ger district, an area of the city with no running water, minimal roads and spotty electricity. His wife Tuul is a tailor who works from home.
Sergelen’s best friend Bat has been unemployed for a long time. He plans to start a taxi business, the same as his friend, and he needs to buy a car. Sergelen really wants to support Bat and he is requesting a loan to cover the cost of his friend's car.
Previous Loan DetailsSergelen is 44 years old, and he lives with his wife and 2 sons in Ulaanbaatar, the capital city of Mongolia. They live together in a ger, a traditional Mongolian nomadic tent. His eldest son Tserenpuntsag, is 9 and attends a local secondary school. His youngest son Tuvshinbayar, is 2 years old a... More from Sergelen's previous loan »
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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Success!! The loan was 100% repaid