Update on DemberelMrs. Demberel, 44, lives with a 16-year-old daughter in her wooden house in the 'ger' (Mongolian yurt) district, an area of the city with no running water, minimal roads and spotty electricity, in Ulaanbaatar, the capital city of Mongolia. Since 2001, she has been renting a meat counter in a bazaar located not far from her home.
Demberel usually sells meat retail and if the day is her lucky day, she sells wholesale to restaurants or pubs. Demberel’s daughter studies at a lyceum. Her husband has been working as a contract worker in Korea for the last 6 years and every month he sends some money for his family. Demberel told us that she saves the money sent by her husband, to spend it for her daughter’s education. And she always requires from her girl “paying attention only to studies and become educated person”.
In Mongolia, the academic year begins in September and parents have to pay tuition fees for their children. To solve this problem, many herders sell their livestock wholesale, so the price of the meat decreases to its lowest point. Now each day in Mongolia is getting colder and colder, so the preservation of meat is not a problem. If Demberel buys meat in large quantity, she can sell it till March. The loan, she is taking will be used to raise her current assets and buy more meat. By doing this, she can earn more income for her family and for her daughter’s education.
Previous Loan DetailsMrs. Demberel is 43 years old, lives with her only daughter in Ulaanbaatar, the capital city of Mongolia. They live in their small family house. Her husband works in a factory in South Korea on a labor exchange contract earning some extra income. Mrs.Demberel rents a stall at one of the Ulaanbaatar… More from Demberel'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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