Update on BatboldMr. Batbold, 48 years old, lives with his daughter and mother in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. His daughter graduated last year and now teaches elementary classes at school. He has been rendering taxi service to local people for five consecutive years and accumulated a vast amount of experience. His mother gets a pension from the state. He is requesting a loan of 1,500,000 MNT to import goods from Korea. Then he will exchange those import goods for cashmere, which will be sold to customers and facilities in Ulaanbaatar. As a result, he can generate more income for his family. The borrower used our loan two times before and paid each installment on a fixed schedule without delay. He is a very hardworking individual who strives for a better future and wants to help his daughter with her wedding expenses.
Previous Loan DetailsBatbold, who is 47, drives a taxi around the districts of Ulaanbaatar city, the capital city of Mongolia. He is widowed and now lives with his mother and daughter in the slum district, an area of the city with no running water, minimal roads and spotty electricity. His mother is on a pension and ... More from Batbold'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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