Update on AltangulAltangul, 26 years old, lives with her husband, son, mother and younger brother in Darkhan, the second largest city of Mongolia. Her mother has retired from work and gets a state pension. Her younger brother studies at college. Her husband has been working as a fuel distributor at a filling station. She herself has been running a business selling clothes for a long time and accumulated a vast amount of experience in this type of business. Now she has an infant baby and can't pay full attention to her business so her younger brother is running her business during his free time. She is requesting a loan of 2,000,000 MNT to purchase trousers in large quantity from China. As a result, she can continue to run her business without worrying about an inventory shortage. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsMrs. Altangul is 24 years old and lives with her mother, sister, brother and younger sister in rental house in Darkhan-the second largest city in Mongolia. Her mother is retired, sister is a cook in a electric plant, brother works at construction by part time and younger sister studies at… More from Altangul'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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