Update on ErdeneboldErdenebold is 31 years old and lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on plot of land. For the past seven years, Erdenebold has been providing taxi service to local people. He has accumulated a vast amount of experience in picking up customers and driving them quickly to their destination by the shortest route. His wife recently gave birth to their second son and has taken maternity leave.
Erdenebold is requesting a 4,000,000 MNT loan to purchase vacuum-insulated windows and furniture such as a sofa, television, and dresser. As a result of his loan, Erdenebold's house will be a comfortable and warm place which will enable his family to burn less coal, emit less smoke, and contribute to efforts against air pollution. Erdenebold is a very hardworking individual who strives for better future.
Previous Loan DetailsMr. Erdenebold is 29 years old and lives with his wife and her daughter in Ulaanbaatar, the capital city of Mongolia. He has been running a taxi business for six years around the city districts and already has many permanent customers. His car is becoming old and some of its parts are damaged.… More from Erdenebold'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.
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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