He owns an old double-floor house which is located in the ger district, an area of the city with no running water, minimal roads and spotty electricity, of Kherlen, an eastern boundary city in Mongolia. He uses the first floor for his business as a workshop. But his house has some problems, such as heat loss and damage to its roof, inside walls, etc. So he is planning to make repairs and add insulation to them with rock wool, cement and foam. As he thinks, his home will be warmer after the wall and roof insulation and a new smart furnace.
Although Mongolia has the lowest population density in the world, it is one of the most polluted countries in the world. This is due to the long and cold winters where temperatures frequently go below -40C (-40F) even in the cities. Also, in winter, many parts of the country are extremely cold and are known to have snowstorms. Both homes and nomadic tents burn a lot of fuel and emit huge amounts of pollution every night from families just trying to stay warm. As well, the extremely toxic smoke from the cars is one of main reasons for Mongolian hard air pollution. In response to this, Credit Mongol offers Green Loans to their clients to make home improvements that reduce heat loss, improve heating systems and buy cars that run on the natural gas. The loan he is taking will used to buy some building materials for his home repair.
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.
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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