Update on MyagmarsurenMr. Myagmarsuren lives with his family in Mongolian traditional ger (portable felt dwelling) on plot of land in Ulaanbaatar, capital city of Mongolia. Since coming here from the countryside, he has been making and selling Mongolian gers to local people. He is requesting a loan of 7000000 MNT to buy hardwood floors, low pressure heaters, fiberglass, and foam for ger renovation. Installing hardwood floor and low pressure heaters is crucial to keeping the heat of a ger. Also, the family will burn less coal for ger-heating, thus releasing less pollutants into air. The borrower is one of our organization's reliable clients and has paid his every installment on schedule after taking his first loan.
Previous Loan DetailsMr. Myagmarsuren, 54 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. His son studies at a technical college, and his daughter goes to high school. He and his family came to Ulaanbaatar five years ago in order to improve their standard of living. They ... More from Myagmarsuren'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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This loan has been fully funded!