Update on LundaajantsanMr. Lundaajantsan, 56, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. He has been running a second-hand clothes business for eight consecutive years and accumulated a vast amount of experience in this type of business. He has permanent customers and suppliers, and his business is very stable with no fear of bankruptcy.
Besides his business, he also works as a gatekeeper at private business entity. His elder son lives separately from his parents and works as an engineer at an electricity and heating station. His younger son studies at high school, and his wife is a consultant at one of branches of the widely known Swedish Oriflame cosmetics business.
Lundaajaltsan has borrowed money from our organization eight times and repaid every debt on time without delay, and he is one of the trustworthy clients. This time he is requesting a loan of 1,000,000 MNT (Mongolian tugriks) to increase his circulation assets by purchasing second-hand clothes in large amounts. As a result, he can generate more income for his family. One of his objectives is to help his son to purchase an apartment. He is a very hardworking individual who has strong willpower.
Previous Loan DetailsMr. Lundaajantsan, 55, runs a second-hand clothes stall selling garments that have been imported from developing countries. He lives in Ulaanbaatar, the capital city of Mongolia, with his wife and his son. Lundaajantsan has been running his business for seven years and already has many permanent ... More from Lundaajantsan'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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