Update on OtgonbaatarMr. Otgonbaatar, 39 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. He has been running a second-hand clothing sales business since 2006. His wife helps in her husband’s business. With every passing day the family’s living standard is improving, due to their hard work and determination. Their 10-, 9-, and 7-year-old children study at school.
Otgonbaatar is requesting a loan of 3,600,000 MNT to purchase a large quantity of second-hand clothes. As a result of this purchase, he will be able to run his business without worrying about inventory shortage. The borrower is a very hard-working individual who strives for a better life.
Previous Loan DetailsThis time Otgonbaatar wants to increase his working capital by expanding his sales volume again. It will help his business to improve and will increase his earnings. The loan he is requesting will be used to purchase large amounts of clothes from his suppliers. More from Otgonbaatar'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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