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Erdenetsetseg

Update on Erdenetsetseg

Mrs. Erdenetsetseg is 42 years old and lives with her two children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on plot of land. Her older son studies at university. Her daughter goes to high school. Since 2010 she has been selling coal and firewood to local people. Also in the summer time, she sells bricks and sand to people who are in need of house building materials. With her previous loan, she finished building her own house, but during last three years the house is deteriorated due to strong storms and frosts. So she is requesting a loan of 3,500,000 MNT to purchase building materials such as bricks, fiberglass, cements and planks. Using these materials, she can repair and insulate her house which will provide a more comfortable and warmer place for her children. Also 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 is carrying all the burden of raising children in the absence of her husband.

Previous Loan Details

Erdenetsetseg is a 39-year-old widow who lives with her two children in Ulaanbaatar, the capital city of Mongolia. She and her family live together in a ger, the traditional Mongolian nomadic tent. Her oldest son, Erdenebileg, is 19 years old and he attends university. Her daughter, Undarmaa, is ... More from Erdenetsetseg's previous loan »

Additional Information

More information about this loan

This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.

About Credit Mongol

Credit 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.

About Mongolia

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,423.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,475 helped Erdenetsetseg to purchase building materials to repair her home.
86% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 9, 2013
Listed
May 17, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2015