Update on DavaasurenDavaasuren keeps doing his business and his business is going quite well. He has fully repaid his previous loan in October as scheduled. During this period he never missed a due date.
Ever since Davaasuren has been cooperating with Kiva, some changes have occurred in his life and business. Now Davaasuren sells his souvenirs in Inner Mongolia of China and has met a regular purchaser. Every two months he goes to China to sell his souvenirs and if he has a great amount of orders he hires 2 or 3 people to help him.
He is sure that if he hadn't been introduced to Kiva he would be living as before. Davaasuren expressed his deep gratitude to Kiva lenders for helping people, including himself. With their support, Davaasuren has had a chance to change his life. Therefore, his business goes well.
Davaasuren is planning to build a house next spring. This time Davaasuren is requesting a 2,500,000 MNT loan to buy materials which will be used to build the house, as their price is low right now.
Previous Loan DetailsMr. Davaasuren, 29, is a craftsman and makes many kinds of traditional souvenirs and some appliances in his home. Then he sells them to the market sellers at a low price. He lives with his girlfriend in a ger, a Mongolian traditional nomadic tent, which is in the suburban district of Ulaanbaatar,... More from Davaasuren's previous loan »
More information about this loan
This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.
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
- Repayment Term
- 16 months (Additional Information)
- Repayment Schedule
- Oct 26, 2012
- Nov 25, 2012
- Currency Exchange Loss:
- Jan 17, 2014
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.