Update on LkhavgaochirLkhagvaochir, 32 years old, lives with his wife and two children in Ulaanbaatar, the capital of Mongolia. The family resides in their own traditional Mongolian ger (portable felt dwelling) on a plot of land. His son goes to high school. His wife has been running a knitting shop for three years.
He has been running a taxi service for local people for four years and has a vast amount of experience in this type of service. Also during his free time, he makes and sells vacuum-insulated windows. The automobile he uses for his taxi service has deteriorated over the years and began consuming gas in large amounts, so he is requesting a loan of 3,500,000 MNT to purchase an automobile that runs on natural gas. As a result, he can continue to render his taxi service to his beloved customers, and a natural-gas-powered taxi will benefit the environment by emitting less smoke. The borrower is a very hardworking individual who is one of the most reliable clients of our organization.
Previous Loan DetailsLkhavgaochir is 29 years old. He lives with his wife and children in Ulaanbaatar, the capital city of Mongolia. They live in a traditional Mongolian nomadic tent. Lkhavgaochir's son Myagmardorj attends a local seconday school while his younger daughter stays at home with his wife during the day.… More from Lkhavgaochir'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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