Update on BatbayarMr. Batbayar, 26 years old, sells second-hand mobile phones and their spare parts at his rental stall in the phone mart. He started his business five years ago and attracted quite a numerous customers to his business. He has divorced his wife and now lives with his mother and his child in the 'ger' district, a part of the city with no central heating and sewerage system, in Ulaanbaatar, capital city of Mongolia.
Using his first loan, he has repaired the house roof by purchasing boards and metals. Now he is requesting a loan of 1,500,000 MNT to install an electric low pressure cooker in his house. As a result of this electric heater installment, the family will no longer use coal for house heating thus contributing greatly to the efforts against air pollution. Also, it is cost-effective to use the electric heater, and more importantly it is an energy-efficient and environmentally-friendly product. The borrower is a very hardworking individual who deeply cares for his mother and son.
Previous Loan DetailsMr. Batbayar, 25 years-old, sells second hand mobile phones and their spare parts from his rental stall in the phone mart. He started his business five years ago and he already has had some regular customers. He is divorced from his wife and now lives with his daughter and his mother in the ger ... More from Batbayar's previous loan »
More information about this loan
This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.
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.
About Housing Loans
Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.
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Success!! The loan was 100% repaid