Update on SengesambaMr. Sengesamba is 46 years old and lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on his sister’s plot of land. His wife works as a fuel dispenser at a petroleum-importing company. His two children both go to secondary school.
Sengesamba has been operating a carpenter’s workshop since 2012. Now the business has stabilized and he has even hired two people on a full-time basis. Before this business, he purchased and sold coal at wholesale prices to local people. Also, during the summer time, he renders transportation of goods and services at an outdoor market.
He is requesting a loan of 1,700,000 MNT to purchase tools and equipment such as an air compressor, generator, circular saw and extension cords. As a result, he will be able to generate more income for his family as well as produce high-quality products, thus increasing consumer satisfaction.
Previous Loan DetailsMr. Sengesamba, 44, is a freight transportation driver by mini-truck. He has been running his business for 3 years. During these years, he has already made permanent customers. He lives with his 2 children and his wife in a ger, the nomadic Mongolia traditional tent, in Ulaanbaatar, the capital… More from Sengesamba'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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