Update on BatboldBatbold, who is 47, drives a taxi around the districts of Ulaanbaatar city, the capital city of Mongolia. He is widowed and now lives with his mother and daughter in the slum district, an area of the city with no running water, minimal roads and spotty electricity. His mother is on a pension and his daughter is a university student. His monthly earnings are not enough for his family's necessities. He has been running his business, which his father initially taught him, since 2003. Now Batbold needs to renovate his taxi car for better quality service. He says that it will help him to improve his business and increase his earnings. He will repair and renovate his car by himself. This is his second loan from Kiva. As you know, Mongolia is one of the coldest countries in the world and borders with the Siberia to the north. Before the winter comes he wants to repair his car. The loan he is taking will be dedicated to purchasing spare parts for his car renovation.
Previous Loan DetailsMr. Batbold, who is 47, runs a taxi around the districts of Ulaanbaatar city, the capital city of Mongolia. He is widowed and now lives with his mother and daughter in the slum district of Ulaanbaatar. His monthly earning is not enough for his family's necessities. He has been running his business,… More from Batbold'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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