Update on DavaajavMr. Davaajav, 49, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. The family resides on a plot of land in their own house which was built with loan funds. Mr. Davaajav's wife has been sewing deel (Mongolian traditional costume) at home for fourteen years. His second son lives on his own, and his youngest son now studies at university. Mr. Davaajav himself has been running a transportation business using his own truck since 2008.
He is requesting a loan of 3,000,000 MNT to increase his wife’s business capital by purchasing cotton, silk, and other textiles. During the Mongolian traditional holiday known as White Moon, demand for Mongolian traditional costume is high; thus, it is a golden opportunity for making money. As a result, the family can generate more income for their children’s education. Mr. Davaajav and his wife value their children’s education highly; they are invested in their elder son’s education while he studies in China.
Previous Loan DetailsDavaajav, 47 is a freight transportation driver and he has been doing this job for 3 years. He lives with his wife and 3 sons in the slum district of Ulaanbaatar, the capital city of Mongolia. Davaajav's wife makes traditional Mongolian garb. They both are hard workers who try to improve th... More from Davaajav'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