Update on NyambayarNyambayar, 25, lives with his wife in Darkhan, the second largest city in Mongolia. The family rents an apartment where they run their computer business. His wife sells spare computer parts to local people while he himself renders computer repair and programming services in remote districts. Due to the constant traveling and taxi service payments, he needs an automobile which runs on natural gas. Therefore, he is requesting a loan of 1,000,000 MNT to purchase an automobile. He has saved 2,400,000 MNT and the actual price of the automobile he is purchasing is 3,400,000 MNT. As a result, he will be able to spare time for his and his wife’s education and increase customer satisfaction by rendering fast and qualified service.
Previous Loan DetailsNyambayar, 23, runs a computer service and a business selling spare parts. He has been running his business since last September and he started his business with working capital of 600,000 MNT. His daily earnings are about 40,000 MNT and sometimes his business is cut off for many days with no sales… More from Nyambayar'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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