Update on MandakhMr. Mandakh, 54 years old, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. He has been rendering taxi service to local people since 2001 during his free time. Until 2009, he had worked at a power plant as an engineer. His wife currently works at kindergarten. Their two daughters both study at a university in China. This autumn his son will begin to study at college.
He is facing a hard time generating enough income to providing for his children.
He is now requesting a loan of 1,000,000 MNT to buy spare parts such as an ignition box, a voltage regulator, and a brake drum for repairing and updating his car, so that he can render proper service to people in need of taxi service.
It is the only work he can do for his family, so a proper car is the most important asset for him.
Previous Loan DetailsMr.Mandakh is 52 years old. He lives with his wife and son in an apartment in Ulaanbaatar, the capital city of Mongolia. His two eldest daughters study at University in Hong Kong and his youngest son studies in the local secondary school. His wife works as cleaner. Mandakh used to work for the… More from Mandakh's previous loan »
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.
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