Update on OtgonkhuuMr. Otgonkhuu, 23 years old, lives with his family in Ulaanbaatar, capital city of Mongolia. His mother is retired from work and now he renders taxi service to local people. On the same plot of land, his sister lives with her family. His sister buys coal at wholesale prices and sells it to customers at retail prices. During the holidays she bakes cake and cookies and sells them to local people.
Soon in Mongolia, a national holiday known as 'white moon' will be celebrated and it is the best period for increasing her income. So our borrower Otgonkhuu is requesting a loan of 2,000,000 MNT to help his sister to get necessary raw materials used for preparing cookies and cakes. As a result, the family can generate more income for their young ones’ education and also can contribute to local economic development.
Previous Loan DetailsMr. Otgonkhuu is 23 and a taxi driver. He has been running his taxi service since he got his driver's license. He lives with his mother in Kherlen, a boundary town of western Mongolia. Initially, he started his taxi service with his dad’s car, but now he owns a new car, which has been bought wit... More from Otgonkhuu'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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