Update on SolongoMrs. Solongo, 34 years old, lives with her husband and son in Ulaanbaatar, the capital city of Mongolia. The family lives in their own house on her father-in-law’s plot of land. Since 2011, she has been providing taxi services to local people. She has divorced her previous husband. Her second husband leads a construction decorating team and works with business entities or individuals on contract.
Mrs. Solongo is requesting a loan of 2,000,000 tugriks to repair her automobile. As a result, she can render taxi services without worrying about the reliability of her automobile. This borrower is a very hardworking individual who cares deeply about her 13-year-old son’s education.
Previous Loan DetailsSolongo, 33, is a taxi driver trying to save money for her son’s future education. She lives with her sick mother and her son in the slum district of Ulaanbaatar, the capital city of Mongolia. Solongo has been running her business since 2007 and has gained a lot of experience during this period.… More from Solongo'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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