Update on LkhamMrs. Lkham, a 60-year-old widow, lives alone in a small ger, a traditional Mongolian yurt, in Ulaanbaatar. With her children’s help and support, she keeps operating her business. Lkham has previously taken out two loans and has recently repaid the last one, never missing a due date, which shows how she is active, hardworking and responsible. Lkham is very thankful to Kiva lenders for helping to expand her business and improving her and her children’s living conditions.
Since Lkham has been cooperating with Kiva, lots of improvements have occurred in her life, such as her building a new house for her children. Every time she takes out a loan, the amount increases noticeably, which shows that her business’s working capital is also increasing.This increase in business definitely has changed Lkham's life. She is now requesting a 2,000,000 MNT loan to buy more wooden materials since the price of these materials is at its lowest point at this period of time. She will use these materials to produce furniture in the spring and summer.
Previous Loan DetailsMrs.Lkham N., a 58-year-old widow, lives in her children's neighborhood in a small ger, a traditional Mongolian nomadic tent, in Ulaanbaatar, Mongolia's capital city. Her children live with their spouses and children in separate houses on one plot of land. Since 1998 Lkham has run a furniture-ma... More from Lkham'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