Update on MyagmardagvaMr. Myagmardagva, 50 years old, lives with his wife in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on fenced land. He has been running a business transporting building materials within Ulaanbaatar city using his own truck. All of his children are married and live separately from their parents.
Using his previous loan, he repaired his house's roof and began using his house as a grocery store. Even though the roof is repaired, the house's current appearance is undermining the efforts to attract customers. So he is requesting a loan of 2,500,000 MNT to purchase building materials such as bricks, cements and planks to renovate the house. As a result, his grocery store will attract customers greatly due to its good appearance. This will also enable them to burn less coal thus contributing to the efforts against air pollution.
The borrower is a very hardworking individual who is quite innovative as he lives in his house at the same time as using it as a grocery store.
Previous Loan DetailsMr. Myagmardagva, 49 runs a freight transportation business around Ulaanbaatar, the capital city of Mongolia. Since 2004, he has been running his business, and he usually carries construction materials between two points. Currently, he lives with his wife on his plot of land. All his children mo... More from Myagmardagva's previous loan »
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 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.
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.
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Success!! The loan was 100% repaid