Update on BatkhuyagMr. Batkhuyag, 55 years old, lives with his wife, son, daughter-in-law, and granddaughter in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. Batkhuyag has been transporting tourists to the countryside using his minivan. His son has a job at the police department. His wife has been running a pub by renting an old apartment basement for one year and each passing day, the number of customers is increasing greatly.
So Batkhuyag is requesting a loan of 4,000,000 MNT to purchase a freezer and beer in large quantity. As a result, his wife's business will continue to prosper and it will increase the family's income. The borrower is one of our trustworthy clients and repaid each loan installment on schedule without any delay.
Previous Loan DetailsLately Batkhuyag's earnings have decreased notably because there are too many damages to his minivan. The number of his passengers and his income have both decreased in the last few months. Batkhuyag has a plan to renovate his minivan immediately, whereupon his service quality and customer satisf... More from Batkhuyag'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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