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Narannyam

Update on Narannyam

Narannyam, 29 years old, lives with his mother and brothers in a Mongolian traditional ger (portable felt dwelling) on a plot of land. Using his previous loan, he successfully launched a grocery store which is now run by his mother. One year ago, he began selling clothes by renting a stall at a trade center. He is requesting a loan of 3,800,000 MNT to buy clothes in large quantity from a China border city. Because his business is running well, he always has a goods shortage due to lack of cash. So the loan will enable him to increase his working capital thus increasing income. The borrower is a very hardworking individual who has responsibility for caring for his mother and younger brothers.

Previous Loan Details

Narannyam is 27 years old and a television broadcaster. He is unmarried and lives with his mom and brothers in the ger district of traditional Mongolian nomadic tents in Ulaanbaatar, the capital city of Mongolia. He is a very hard-working man who want be busy all the weekdays. He has a plan to st... More from Narannyam's previous loan »

Additional Information

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 Mongolia

  • $5,900
    Average annual income
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,399,550
    Funds lent in using Kiva
  • 1,726.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,225 helped Narannyam to buy clothes in large quantity.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 20, 2013
Listed
Dec 5, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014