Update on BayarsaikhanMr. Bayarsaikhan, 55 years old, lives with his wife in Ulaanbaatar, the capital city of Mongolia. His son got married and now lives separately from his parents. He and his wife reside in their own house on a plot of land.
Since 1998, he has been running his spare parts sales business, and his wife assists him. He purchases old automobile spare parts in large quantities from Russia. Using the spare parts, he repairs old Russian automobiles which have deteriorated over the years. Then he sells those repaired automobiles to customers at higher prices. In general, Russian spare parts are expensive and that's why running an old spare parts sales business is profitable for him.
The borrower Bayarsaikhan once received a loan from our organization and paid every installment on the established schedule. This time he is requesting a loan of 1,800,000 MNT to purchase an old russian automobile in order to repair it with his spare parts and later sell it at a higher price. As a result, he can generate more income for his family. He is a very hardworking individual who strives for better future.
Previous Loan DetailsMr. Bayarsaikhan, 53, sells spare parts for Russian cars in a market. He has been running his business since 1998 and has permanent customers. He lives with his wife, and all of their children have moved out their home. His wife is unemployed and has been sick for many years. Bayarsaikhan... More from Bayarsaikhan'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