Update on MunkhtsetsegMrs. Munkhtsetseg is 50 years old and lives with her husband and son in Ulaanbaatar, the capital city of Mongolia. The family resides in a rented apartment. She has been selling office supplies as well as hats, widget and shoes for thirteen years and has accumulated a vast amount of experience in the sales business. Her son will graduate from high school this year and will enroll in university. She is requesting a loan of 4,000,000 MNT to purchase goods such as hats, shoes, books and pens in large quanties. As a result, she can continue to run her business without worrying about inventory shortage. Also she is contributing to the community by providing jobs by hiring two sales people at her stall. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsMrs. Munkhtsetseg is 47 years old, and lives with her husband and son in Ulaanbaatar, the capital city of Mongolia. They live in a rented flat. Her only son Davgaragchaa, 16, studies in secondary school. Munkhtsetseg used to work as a nurse in the hospital but lost her job due to job cuts in the ... More from Munkhtsetseg'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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Success!! The loan was 100% repaid