Update on UrtnasanMrs. Urtnasan, 45 years old, lives with her husband and children in Ulaanbaatar, Mongolia. The family resides in their own house on plot of land. She and her husband have been running an auto service business since 2000 and have accumulated a vast amount of experience in this type of business. First she purchases old automobiles and spare parts from outdoor markets at low prices and then her husband repairs the old automobiles with spare parts and sells them to customers when they are finished. In the beginning of the business, they were using their yard as a repair site and later built a garage which is specifically built for auto service. In order to expand her business, she is requesting a loan of 4000000 MNT to purchase old damaged automobiles and spare parts. As a result, they can generate more income for their children’s education. The borrower is a very hardworking individual who doesn’t use alcohol or tobacco at all. She and her husband are strict about time and money.
Previous Loan DetailsMrs. Urtnasan, 44, runs an auto service center in her backyard. She lives with her husband and her five children in an old wooden house in the slum district of Ulaanbaatar, the capital city of Mongolia. For 12 years she has been running her business and usually 2-3 cars are repaired by her in a w... More from Urtnasan'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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