Update on IshdorjMr. Ishdorj, 31 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. He has been rendering taxi service to local people for more than 15 years. Recently, due to an accident, he broke his arm and is now resting at home. His family income consists of diary products sales and taxi income as well as vegetables sales. The number of cattle he breeds increased to 23 from 20. The house they live in has been deteriorating over the years and needs some serious repair. So he is requesting a loan of 6,000,000 MNT to purchase building and insulation materials such as bricks, cements, fiberglass and foam. Using those materials, he will repair and insulate his house and be prepared for the upcoming harsh winter. The renovated house will protect the family against strong storms and frosts. They will even save money by reducing their coal consumption, which has a positive impact on the environment as fewer pollutants are released into air. The borrower is a very hardworking individual who has proved hard work pays back.
Previous Loan DetailsMr. Ishdorj is 30 years old and lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. Ishdorj runs a taxi business using his family car. His wife looks after the baby at the moment. Ishdorj also runs a small farm with around 20 animals. His six cows are expected to… More from Ishdorj'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.
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.
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This loan has been fully funded!