Update on EnkhbatMr. Enkhbat, a 33-year-old man, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. The family resides in his brother’s house on plot of land. He has been rendering a tire repair service since 2005. With just 2000000 MNT, he began his tire repair service and over the years he has accumulated vast amount of experience. His seven-year-old son goes to elementary school and now is in second grade. His wife is unemployed and now stays at home to care for their younger child. He has got loan from our organization five times and paid each loan on established schedules without delay. He is requesting a loan of 500000 MNT to purchase spare parts and tools in large quantity. As a result, he can run his tire repair business without worrying about inventory shortage.
Previous Loan DetailsEnkhbat now needs some money to expand his workshop and renovate some of his service equipment. These changes are beneficial to his business future. The loan Enkhbat is taking will be used to purchase new equipment for his auto service and some building materials to make workshop renovations. More from Enkhbat'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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