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Update on Bayarmagnai

Mrs. Bayarmagnai, 43 years old, lives with her son in an old Mongolian traditional ger (portable felt dwelling) on a plot of land. Seven months ago, she began working as a saleswoman at a supermarket and before this job, she had been selling foodstuffs by renting a grocery store for a while. Her son is now seventeen years old and he is practicing welding in a building company.

She is requesting a loan of 4,000,000 MNT (Mongolian Tugrik) to buy insulation materials such as fiberglass, felt and foam, as well as to install a low pressure heater.

After renovation, she and her son will live in a comfortable and warm place where less coal is burned for heating, so then fewer pollutants are released into the air.

Previous Loan Details

Mrs. Bayarmagnai, 42, sells groceries in her rented grocery store. She rents it at MNT 250,000 a month. Her daily earnings are not so good, however she puts aside saving for her son’s education or school fees. Bayarmagnai is a widow and now she lives with her son in the 'ger' district, an are... More from Bayarmagnai'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.

About Mongolia

  • $5,900
    Average annual income
  • 12
    View loans »
    Mongolia Loans Fundraising
  • $15,445,050
    Funds lent in using Kiva
  • 1,692.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $2,375 helped Bayarmagnai to renovate her Mongolian ger (portable felt dwelling).
75% repaid
Repayment Term
31 months (Additional Information)
Repayment Schedule
Sep 30, 2013
Nov 4, 2013
Currency Exchange Loss: