Update on ErdenebatMr. Erdenebat, 41 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. He has been running a grocery store for seven years and his wife works as a cashier.
Using his previous loan he started a new business of smokeless fuel sales in order to reduce air pollution in Ulaanbaatar.
He is now requesting a loan of 4500000 MNT to buy a large amount of foodstuffs at wholesale prices. By doing so, he will continue to run his grocery store without worrying about inventory shortage.
Previous Loan DetailsErdenebat is 39 years old, married, father of three children. They live in his brother’s house. He has been running a grocery store for over five years. His wife works as a cashier at the store. Besides his store business, Erdenebat wants to start a new business of smokeless fuel sales (the… More from Erdenebat'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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