Update on ErdenebatMr. Erdenebat, 36, is a transportation driver and lives with his two children and wife in a ger, a traditional Mongolian nomadic tent, in the Kherlen town of Dornod, a province of Mongolia. He has been running a transportation business since 2001 and has gained a lot of experience. With the initial business earnings, he bought a small-sized piece of land and a small, old house. But in the past few years, his income has been declining due to fewer job orders.
Last summer, he started to rebuild his old house. His previous house was very old and absolutely in unlivable condition. Erdenebat was trying to finish rebuilding his house before winter started. This time, he is planning to build an entrance hall for his house. The loan he is taking will be dedicated to purchase the building materials to build it.
Previous Loan DetailsMr. Erdenebat, 35, is a transportation driver and lives with his two children and wife in a ger, a traditional Mongolian nomadic tent, in Kherlen town of Dornod, a province of Mongolia. He has been running a transportation business since 2001 and has gained a lot of experience. With the initial b... More from Erdenebat'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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Success!! The loan was 100% repaid