Update on KhuderbatKhuderbat, 36 years old, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. His son goes to kindergarten.
He and his wife have been making and selling shoes to local vendors at the outdoor market for 16 years and they have accumulated vast amounts of experience.
During this period of the year, demand for shoes increases drastically and orders from clients are enough but he doesn't have enough materials for making shoes. So he is requesting a loan of 4,000,000 MNT to purchase leather, cotton, silk and laces. As a result, he and his wife can continue to make shoes without worrying about materials shortages.
The borrower is a very hardworking individual who wants his son to be well educated in the future.
Previous Loan DetailsKhuderbat, 34, makes Mongolian traditional shoes by hand, and he lives with his wife and his son in the slum district of Ulaanbaatar, the capital city of Mongolia. For 14 years, he has been making shoes and has gained a lot of experience in it. He sells his hand-made shoes wholesale to sellers at... More from Khuderbat'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