Update on BayasgalanBayasgalan is 45 years old and lives with her son in the ger district of Darkhan, the second largest city in Mongolia. Her neighborhood has minimal roads and spotty electricity. For the past three years, Bayasgalan has run a casual clothes stall in the bazaar. She buys a variety of products from Ereen, a Chinese border city, and resells them for a profit. Bayasgalan is a really hardworking woman who has gained valuable work experience. Her son is a student and has an old car that he sometimes uses to run a taxi service to help his mother.
Bayasgalan is requesting a loan from Kiva to buy more clothes to increase her inventory and sales volume. This is her second loan from Kiva. Bayasgalan's working capital has increased and her daily income has increased to 40,000 MNT. She thinks that her loan is very important to her business and her dream is to help her son get a good education.
Previous Loan DetailsBayasgalan is 45 years old and runs a casual clothes stall in the bazaar. She has been running her business for 3 years and has gained valuable experience in it. She lives with her son in the ger district, an area of Darkhan with no running water, minimal roads and spotty electricity. Darkhan is... More from Bayasgalan'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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- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Oct 19, 2012
- Nov 13, 2012
- Currency Exchange Loss:
- Dec 13, 2012
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.