Update on BatbayarMr. Batbayar is 35 years old and lives with his 5-year-old son in Ulaanbaatar, Mongolia. He and his son reside in a ger on his father’s yard. A ger is a traditional, portable, Mongolian dwelling. He has been providing taxi services to local people since 2005 and he knows when and where to pick up customers.
Because he is divorced, he is the only one taking care of his son. Each passing day, the needs of his son are increasing and, at the same time, he is working even harder than before. He is requesting a loan of 2,500,000 MNT to purchase a natural gas vehicle, which is better suited for taxi service compared to his previous one. Having a high quality, fuel-efficient automobile is a necessary tool for his taxi service. The borrower is a very hardworking individual who cares deeply for his son.
Previous Loan DetailsMr. Batbayar, 33 years old, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. Batbayar’s wife is looking after her baby at the moment. Batbayar works two jobs. He works in a tire repair garage as a mechanic and he transports people around the city in his taxi. He has been… More from Batbayar'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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This loan has been fully funded!