Update on OtgonbaatarMr. Otgonbaatar, 32 years old, lives with his family in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on his relative's yard. His wife works as a cook at a restaurant. Since 2011, he has been providing transportation services using his own truck between Ulaanbaatar and other cities. Before this business, he had been working as a driver at a private business. His son goes to elementary school and is in the fourth grade. Recently he purchased a second-hand natural gas vehicle that needs some parts updated and changed. Also, his home lacks some necessary daily-use appliances. He is requesting a loan of 3,000,000 MNT to cover the costs of purchasing home appliances such as a vacuum cleaner, a washing machine, and a sofa, as well as spare parts for his automobile. As a result, his family can live in a more comfortable place and he can work enthusiastically. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsMr. Otgonbaatar, 31, runs a freight transportation business. He started his business last year and always carries heavy luggage and things between the cities or regions. His truck is a main tool for his business and he always takes care for its wholeness and safety. For a while, he has not ma... More from Otgonbaatar'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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