Update on OctoberOctober, 24 years old, lives with her husband and son in Darkhan, the second largest city of Mongolia. The family resides in their own house, which was repaired last year using her previous loan.
Her husband has position of teacher at a high school. She has been making Mongolian traditional shoes since 2008 and selling them to vendors at Ulaanbaatar, the capital city of Mongolia. Lately, the demand for Mongolian traditional shoes has increased drastically, so she is requesting a loan of 3,500,000 MNT to purchase materials such as leather, textiles and steel for making shoes. With the loan, she can make and sell Mongolian traditional shoes without worrying about inventory shortages. The borrower is a very trustworthy and hardworking woman.
Previous Loan DetailsOctober, who is 23 years old, makes the traditional Mongolian nomadic shoes at her home. She lives with her husband and her son in the old house in the ger district (a ger is a Mongolian traditional yurt) in Darkhan, the second largest city in Mongolia. Sshe has been making the shoes for four... More from October'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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