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Borbandi

Update on Borbandi

Mr. Borbandi, 38 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. He has been selling firewood to local people since 2008. His wife stays at home looking after their youngest child. Their eldest son goes to high school and the second one is being educated in kindergarten.
Borbandi is requesting a loan of 4300000 MNT (Mongolian tugrik) to purchase firewood in large quantities from a lumberjack so that he can continue to sell firewood without worrying about inventory shortage. Borbandi is a very hardworking individual who strives for a better life.

Previous Loan Details

Mr. Borbandi is a 36-year-old truck driver. He lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. His wife runs a used clothes business at the outdoor market. Borbandi’s family temporarily live on Borbandi’s elder brother’s land in a ger, a traditional Mongolian ... More from Borbandi's previous loan »

Additional Information

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.

Tags

About Mongolia

  • $5,900
    Average annual income
  • 5
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,685.5
    Mongolia Tugriks (MNT) = $1 USD
Expired
A loan of $2,575 helped Borbandi to purchase lumber.
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 14, 2013
Listed
Sep 18, 2013
Currency Exchange Loss:
Possible
Expired:
Oct 18, 2013