Update on AmgalanMr. Amgalan, who is 40 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. He has worked as a senior accountant at a television firm since 1997. His wife quit her banking job and is now taking care of household matters. Their two children both study at a university. He is requesting a loan of 7,000,000 MNT to purchase an automobile that runs on natural gas. The advantage of a natural gas vehicle is that it wastes less fuel and emits cleaner carbon dioxide into the atmosphere compared to all engines. The borrower will use the car for transportation purposes.
Previous Loan DetailsAmgalan is 40 years old. He lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. His wife used to work at a banking institution and now stays at home. His daughter and son both study at university. He himself has been working as a Senior Accountant in the television… More from Amgalan's previous loan »
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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.
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