Update on BoldMr. Bold, 46 years old, lives in Ulaanbaatar, capital city of Mongolia. He resides in a Mongolian traditional ger (portable felt dwelling) on his brother’s plot of land. His brother operates a grocery store on his land. Since 1995, he has been providing taxi service to local people and accumulated a vast amount of experience in this field. Using a previous loan from our organization, he built a garage for his car and this time he wants to renovate the interior components of the garage, as well as build his own house.
He is requesting a loan of 2,200,000 MNT to renovate the garage interior, purchase 23,000 units of bricks which will be used for the house construction. As a result, the car he uses for his income will last longer as the insulated and renovated garage will have a good effect on the parked car. Also, by building his brick house, he can live in a more comfortable and warm place. More importantly he will need to burn less coal thus contributing to the efforts against air pollution.
Previous Loan DetailsMr. Bold, 45, is a taxi car driver around the districts of Ulaanbaatar, the capital city of Mongolia. He has been running his business for 16 years. He lives with his family in the slum district of the city. Bold needed some money to repair some of the car's damages and change old spare parts. It… More from Bold's previous loan »
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This loan is part of Credit Mongol's green loan program, which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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