Update on EnkhjargalMr. Enkhjargal, 43 years old, lives with his wife and three children in Darkhan, the second largest city in Mongolia. He has been running a transportation business since 2008.
Before rendering a transportation service, he had been selling protein-powered noodles but due to intense competition, he stopped this business. His wife has been a saleswoman at her sister’s counter but recently began her own business which includes selling gloves, hats and scarves.
In order to increase the current assets of his wife’s business, he is requesting the loan of 1,500,000 MNT to buy the above mentioned goods. By doing so, the family can generate more income, thus improving their living standard and invest in their children’s education without worry.
Previous Loan DetailsMr Enkhjargal T. is 41 years old and lives with his wife and three children ages 1, 9, and 18 in a suburb of Darkhan (the second largest city in Mongolia). He has been running a taxi business since 2008. Before 2008 he used to make noodles and sell them in the local market. But he had to close the… More from Enkhjargal'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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