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Erkhembayar

Update on Erkhembayar

Mr. Erkhembayar, 29 years old, lives with his wife, daughter, and mother in Ulaanbaatar, the capital city of Mongolia. He has been running a grocery store since 2009. His wife has a position as a sales manager at a private firm. His mother has retired from work, and looks after his eight-month-old daughter at home.

He is requesting a loan of 6,000,000 MNT to buy building and insulation materials such as bricks, cements, fiberglass, and foam to renovate his house.

After the renovation, his family will live in a comfortable and warm place, where less coal is needed for heating and consequently less pollutants are released into the air.

Previous Loan Details

Erkhembayar is a 26-year-old single man. He lives with his mother and younger brother in Ulaanbaatar, the capital city of Mongolia. Before 2009, he used to run a transportation business and left it because of the tough competition. Since 2009, he has been running a small variety store and his... More from Erkhembayar'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 purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.

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.

Tags

About Mongolia

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,364,275
    Funds lent in using Kiva
  • 1,669.4
    Mongolia Tugriks (MNT) = $1 USD
Expired
A loan of $3,600 helped Erkhembayar to renovate his house.
Repayment Term
36 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 23, 2013
Listed
Oct 30, 2013
Currency Exchange Loss:
Possible
Expired:
Nov 29, 2013