Update on SolongoSolongo, 43 years old, lives with her three children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land.
She has been running a collection point for recycled materials since 2006 and has accumulated a vast amount of experience. All her three children go to high school and she needs to pay for all their tuition fees.
Using her previous loan, she purchased and installed a low-pressure furnace into her house, thus reducing coal consumption. This time she is requesting a loan of 1,500,000 MNT to purchase an electric heater. Adding to the low pressure furnace, this electric heater will decrease coal consumption drastically and enable the family to save money. The borrower is a very hardworking individual who is alone bearing the burden of raising three children.
Previous Loan DetailsMrs. Solongo, 42, runs a collection point for recycled materials in Ulaanbaatar, the capital city of Mongolia. She has been running her business alone for six years. She is widowed and she lives with her three children in her old house which is located in the 'ger' district of the city. Her busin... More from Solongo'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.
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