Update on BayarsaikhanMr. Bayarsaikhan, 35 years old, 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 a plot of land.
Bayarsaikhan, who has been rendering a taxi service to local people for 11 years, has accumulated a vast amount of experience. Usually his wife drives during the day, and in the afternoon he continues the service. Because the automobile is used to provide taxi service day and night, it is very prone to damage and deterioration. Bayarsaikhan is therefore requesting a loan of 1500000 MNT to purchase spare parts.
The loan will help the couple to generate more income for their children, who are now three and four years old. With each passing day their expenses increase, thus requiring their parents to work hard. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsBayarsaikhan is 34 years old and lives with his wife and two children in a ger (Mongolian yurt/nomadic tent) in the slum district of Ulaanbaatar, the capital city of Mongolia. His wife changed her job and now works as a cook in a cafeteria while their two kids attend kindergarten. Since 2002,… More from Bayarsaikhan'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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