Update on ErdenebayarMr. Erdenebayar, who is 38 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on their own plot of land. He has been running a taxi service to local people since 2009 and has accumulated a vast amount of experience in picking up customers, driving them to their destination quickly and taking short routes. His wife has been making and selling Mongolian traditional clothes, called deel, to local people. Using his previous loan, he purchased an electric sewing machine for his wife's business in order to increase her labor efficiency. He is requesting a loan of 3,000,000 MNT to purchase some sheep. During the summer time, he will feed the sheep and later in autumn he will sell them at a higher price in the markets. By beginning this business, he will improve his family's living condition greatly. Mr. Erdenebayar is a very hardworking individual who strives for a better future.
Previous Loan DetailsMr.Erdenebayar is 37 years old, and lives with his family in a Mongolian nomadic tent /yurt on his plot of land in Ulaanbaatar, the capital of Mongolia. Erdenebayar is a hardworking person of integrity. He has 3 children, ages15, 11, and 7, all of whom go to the secondary school not far from the... More from Erdenebayar'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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