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Update on Khosbayar

Mr. Khosbayar, 32 years old, lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. The family reside in their own house on a plot of land. He has been operating a small photo studio since 2007 and accumulated a vast amount of experience in this service. Also he renders copying, printing and scanning services to medical students at the same time. Using his previous loan, he updated all of his photographic equipment and it helped his work efficiency.

Now he is requesting a loan of 7,000,000 MNT to purchase building and insulation materials such as bricks, planks, fiberglass and foam. Because his house has deteriorated over the years, it needs some serious repair. After repairing and insulating his house using these materials, the family will reduce its coal consumption, release less pollutants to air and contribute to the efforts against air pollution. The borrower is very hardworking individual who strives for a better future.

Previous Loan Details

Mr.Khosbayar requested a loan to renovate his business equipment. He is 30 years-old and manages a small photo studio near the downtown. He lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. Since 2007, he has been running his business constantly. At first, h... More from Khosbayar'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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,434.5
    Mongolia Tugriks (MNT) = $1 USD
A loan of $4,900 helped Khosbayar to purchase building and insulation materials.
Repayment Term
34 months (Additional Information)
Repayment Schedule
May 23, 2013
May 30, 2013
Currency Exchange Loss:
Jun 29, 2013