Update on DavaasurenDavaasuren, 31 years old, lives with his wife in a Mongolian traditional ger (portable felt dwelling) in Ulaanbaatar, capital city of Mongolia.
He has been making and selling souvenirs to China since 2009. Last summer he began building a house on his land but he has stopped, due to lack of funds. He requests 5,000,000 MNT to buy building and insulation materials such as bricks, cement, fiberglass and foam. After finishing his house, his family will live in a comfortable and warm place. Living in a house is much better than living in a ger. A high quality house will greatly reduce the consumption of coal and will have less heat loss through walls and windows. The main cause of air pollution in Mongolia is the burning of coal and therefore, a decrease in coal usage will impact the air quality.
Previous Loan DetailsDavaasuren keeps doing his business and his business is going quite well. He has fully repaid his previous loan in October as scheduled. During this period he never missed a due date. Ever since Davaasuren has been cooperating with Kiva, some changes have occurred in his life and business. No... More from Davaasuren'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!