Update on BaasansurenMr. Baasansuren, 43 years old, lives with his wife and daughter in Ulaanbaatar, capital city of Mongolia. The family resides in a Mongolian traditional ger (portable felt dwelling) on a plot of land. He and his wife have been crafting and selling traditional souvenirs and home products using sheep wool. Their main clients are outlets and vendors at outdoor market. They have been running their business for thirteen years and have accumulated a vast amount of experience.
Using his previous loan, he has purchased raw materials such as sheep wool and other materials. Now he is requesting a loan of 1,200,000 MNT to purchase silver, brass, paints and other raw materials. Their business is currently experiencing a shortage of metals to decorate sheep wool souvenirs, so purchasing these materials will help his business to prosper. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsMr. Baasansuren, 41 is a craftsman and makes the many kinds of traditional souvenirs and some home appliances using sheep wool. He lives with his wife and his daughter in a ger, a Mongolian traditional nomadic tent, which is in the suburban district of Ulaanbaatar, the capital city of Mongolia. H... More from Baasansuren'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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