Update on BolormaaMrs. Bolormaa, 44 years old, lives with her husband and elder son in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. Her younger son is deployed into military training. Bolormaa has been running a clothing retail business since 2009 at an outdoor market. Her husband has been running a taxi service for local people for four consecutive years and accumulated a vast amount of experience in picking up customers and driving them quickly to their destinations.
The house they live in has deteriorated over the years due to harsh winters, especially the bombardments of strong storms and freezing frosts. Therefore, Bolormaa is requesting a loan of 6950000 MNT to purchase building and insulation materials such as planks, cement, fiberglass, and foam. Using these materials, they can repair and insulate their house, thus providing comfortable and warm accommodations for the family. More importantly, the renovated house will enable the family to burn less coal, emit less smoke, and thus contribute to the efforts against air pollution. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsMrs. Bolormaa is 42 years old and lives with her husband and two sons in Ulaanbaatar, the capital city of Mongolia. Her family owns a plot of land and a small house on it which was bought in 2005. Bolormaa has been running a clothing retail business since 2009 on the Narantuul, the biggest ou... More from Bolormaa's previous loan »
More information about this loan
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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This loan has been fully funded!