Update on DavaajavDavaajav, 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. Davaajav's wife has been sewing deel (a Mongolian traditional costume) at home for 14 years. His second son lives on his own, and his youngest son now studies at university. Davaajav himself has been running a transportation business using his own truck since 2008 and accumulated vast amounts of experience. He is requesting a loan of 5500000 MNT to purchase building and insulation materials such as fiberglass, cotton, foam, bricks and planks. During this period of time, the price of building and insulation materials reaches its lowest level and buying them now will save him a considerable amount of money. Using those building and insulation materials, he will build his own house which will enable the family to burn less coal in comparison with a Mongolian traditional ger (portable felt dwelling). During winter times, especially last winter, family members are chilled to their core due to strong snow storms blowing walls and frost forming between felt layers of their ger. So, building a house is the best way of staying warm during the cold winter and, more importantly, of reducing coal usage to contribute to the efforts against air pollution. The borrower is a very hardworking individual who strives for better future.
Previous Loan DetailsMr. 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 ... More from Davaajav'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