Update on BulganjargalMrs. Bulganjargal, 31 years old, lives with her husband and mother in an old brick house on a plot of land in Ulaanbaatar, the capital city of Mongolia. Two years ago, she began running a grocery store and has now secured permanent customers and business is going well. Recently her husband began creating and selling frames to photographers. She is requesting a loan of 3000000 MNT to buy building and insulation materials such as cements, bricks, fiberglass and foam to renovate her old house for the incoming winter. The renovated house will enable the family to burn less coal for heating thus releasing less pollutants into the atmosphere. The burning coal is the main source of air pollution according to the state research department. So reduction in coal usage will contribute to the efforts against air pollution. The borrower is so excited and can't wait to live in comfortable yet warm house.
Previous Loan DetailsMrs. Bulganjargal, 30, runs a grocery store in a supermarket. She started her business last year and has earned a decent profit. Currently it is a main income source for her family. His husband helps her to run their business. She lives with her husband and her daughter in the ger district, a... More from Bulganjargal'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