Update on TogtokhsurenMr. Togtokhsuren, 39 years old, lives with his wife and 3 children in Kherlen, the largest city of eastern province of Mongolia. He has been running taxi business for 6 consequent years and his wife is an ice cream vendor. His elder two children go to secondary school, and little one oversees their home. In winter, the ice cream business is quite good, so his family decided to buy a large amount of ice cream from Russia. On the other hand, in summer the nuts business prospers in this region, so Mr. Togtokhsuren decided to buy large amount of nuts in advance to sell for next summer. Also, he is very thankful for the lenders that financed his previous loan as it helped him greatly. This time, he is requesting a 2,500,000 MNT loan. By doing so, it will help him to finance their children’s education and other expenses. Mr. Togtokhsuren is a very hard working individual and believes in his future.
Previous Loan DetailsMr. Togtokhsuren, 38, is a taxi driver and runs an ice cream bulk in the supermarket. He lives with his family in Kherlen, a boundary town in Mongolia. He has been running his taxi business since last spring and the other business was started in 2006 and his wife responds to it. Every month,… More from Togtokhsuren'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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