Update on ErdenebulganMr. Erdenebulgan, 42 years old, lives with his wife and three sons in Ulaanbaatar, capital city of Mongolia. In 2008, He began renting out his cafe. Using his previous loan, he built a house and began renting out its rooms to families. As winter is coming even closer, the house is in urgent need of insulation so he is requesting a loan of 4000000 MNT to buy fiberglass, foam and vacuum insulated windows. After insulation, his customers will live in comfortable and warm place where less coal is burned and then less pollutants are released into air. Also customer satisfaction will increase and long term renting will be ensured, substantiating his income source. The borrower is a very hardworking individual who strives for better future.
Previous Loan DetailsMr. Erdenebulgan, 42 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. The family resides in a rental apartment. He has been running a cafe since 2003 and in 2008, he began renting his cafe. In 2012, he purchased land and began building a house. He… More from Erdenebulgan's previous loan »
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 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.
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.
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