Update on EnkhtaivanEnkhtaivan, 27 years old, lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on another person’s plot of land. He has a wheel repairing service for local people and in his operating area there is no other business providing the same service so he generates quite a reasonable amount of income for his family. In order to generate more income he is requesting a loan of 1,200,000 MNT to purchase welding apparatus as well as build a passage for automobiles which come for service. The welding apparatus can contribute to work efficiency and the passage built for automobiles can increase consumer satisfaction and ease overall work. As a result, he can generate more income for his family and invest in his daughters’ education. In the future, he has a goal of expanding his wheel repairing business.
Previous Loan DetailsMr. Enkhtaiwan is 25 years old, married, and has two young daughters. They live in a Mongolian ger, the nomadic Mongolian traditional tent. He has started his wheel-service business a year ago and it has been running quite successfully since then. He said there is no other similar service nearby ... More from Enkhtaivan'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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