Update on NerguiNergui, 52 years old, lives with her daughter in Ulaanbaatar, the capital city of Mongolia. The family resides in a Mongolian traditional ger (portable felt dwelling) on a plot of land. Her two sons are now working in the countryside. Nergui has been running a construction materials sales business and produces metal nails with the help of her sons. In the past eleven years, she has attracted quite a number of customers to her business and accumulated a vast amount of experience.
She has been purchasing metals from local people in order to produce nails and now she is importing metals from China. As a result, her business profit will increase drastically because the price gap between local metal and metal in China is quite high. In the next one or two months, her business profit will be at its climax because construction field activity also intensifies.
She is requesting a loan of 3,000,000 MNT to purchase construction materials in large quantities. By doing so, she can generate more income for her children’s future education and life. Nergui has gotten loans from our organization several times and paid each loan on the established schedule without any delay.
Previous Loan DetailsNergui has used her loan usefully and this time she needs to renew her broken nail-machine and make some adjustments to her workshop. More from Nergui'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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Success!! The loan was 100% repaid