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Suvdanchimeg

Update on Suvdanchimeg

Mrs. Suvdanchimeg, 47, lives with her husband and daughter in Darkhan, second largest city of Mongolia.

She and her husband have been collecting and selling recyclable materials since 2008. Their daughter is a hairdresser and currently unemployed.

She is requesting a loan of 4,000,000 MNT to buy building materials such as bricks, cement, planks and fiberglass for house renovation. The house her family lives in has been deteriorating over the years due to heavy snowfall and strong storms. After renovation, her family will live in a comfortable and warm place where less coal is burned and then less pollutants will be released into the air.

Previous Loan Details

Mrs. Suvdanchimeg, 45, runs a waste recycling business with her husband. She receives the wastes and recyclable materials to her collecting point (in her house's backyard). Then she sells them to the waste producing factory and craftsmen who use the recycling materials for their products. She has... More from Suvdanchimeg'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.

Tags

About Mongolia

  • $5,900
    Average annual income
  • 4
    View loans »
    Mongolia Loans Fundraising
  • $15,372,575
    Funds lent in using Kiva
  • 1,792.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $2,250 helped Suvdanchimeg to renovate her old house.
20% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 26, 2014
Listed
May 30, 2014
Currency Exchange Loss:
Possible