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Saranchimeg

Update on Saranchimeg

Saranchimeg is 48 years old and lives with her husband and children in Ulaanbaatar, the capital city of Mongolia. She has been selling furniture such as sofas and armchairs to local people by renting a stall at an outdoor market for seven years. Last year she began a transportation business by buying a minivan. Her husband transports coal between districts using his truck. Before this, he had transported students to their schools by bus.

The Mongolian traditional ger (portable felt dwelling) they live in has deteriorated over the years and it needs some serious repair. So Saranchimeg is requesting a loan of 8,000,000 MNT to purchase building and insulation materials such as bricks, cements, planks, fiberglass and foam to renovate her home. As a result, her family will live in a comfortable and warm place where less coal is burned and less pollutants are released into the air.

Previous Loan Details

Mrs. Saranchimeg, 47, sells soft home furniture such as sofas and armchairs in a bazaar. She has been running her business for six years and lives with her family in a ger (a Mongolian traditional nomadic tent). For the last few years, her business has been running not so beneficially, and… More from Saranchimeg's previous loan »

Additional Information

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 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.

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.

About Mongolia

  • $2,175
    Average annual income
  • 20
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,630.5
    Mongolia Tugriks (MNT) = $1 USD
Expired
A loan of $4,925 helped Saranchimeg buy building and insulation materials.
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 16, 2013
Listed
Oct 7, 2013
Currency Exchange Loss:
Possible
Expired:
Nov 6, 2013