Update on AmartungalagAmartungalag is 47 years old, married, and has two children. She lives in Darkhan, the second largest city of Mongolia. The family resides in their own house on a plot of land. Her elder son works in Korea on an employment contract and transfers money each month to her bank account. From 1984 to 1991, she worked in the technique and equipment supply department of Darkhan, but she was unemployed when the Soviet Union collapsed and Mongolia began transforming its centralized market into a free market. After unemployed, she began to travel to China and purchased items to sell to the local people at retail price. Since 2000, she has been selling vegetables and fruits to local people at an outdoor market. Now her business is expanded and she sells wide variety of goods such as toys, souvenirs, and clothes.
With her previous loan, she decorated her house and a installed steam heated furnace.She is requesting another loan for 5,000,000 MNT, which she will use to purchase hardwood floors and roofing materials. During the winter, the house loses its heat through the floor and roof. If they had hardwood floors and updated roof, the house will no longer lose its heat and the family will reduce its usage of coal and release less smoke thus contributing to the efforts against air pollution. The borrower is very hardworking individual who strives for better future.
Previous Loan DetailsMrs. Amartungalag, forty-six, runs a retail business in the market. She lives with her family in her old house which is in Darkhan, the second largest city of Mongolia. She has been running her business since 2000 and she started her business selling fruit and vegetables in the outdoor market. Th... More from Amartungalag's previous loan »
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This loan is part of Credit Mongol's green loan program, which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
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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