Kiva’s newest partner in Mongolia – Credit Mongol
By Beth Ritchey, KF10, Mongolia
Please give a warm Kiva welcome to our newest partner in Mongolia: Credit Mongol LLC! Credit Mongol (CM) is based in Ulaanbaatar, the capital of Mongolia, and is Kiva’s second partner in Mongolia. Credit Mongol is excited about this new partnership with Kiva and is looking forward to building connections between the Kiva lending community and borrowers in Mongolia!
A little bit about Credit Mongol LLC: its mission is to contribute to the prosperity of Mongols through providing diversified financial services to micro and SME clients and to become the best performing company in micro and SME financing. CM services 6 aimags (districts) across Mongolia and is using Kiva loans to support borrowers that do not have access to the traditional banking system in Mongolia.
The staff of Credit Mongol is a close community that works hard and plays hard. Together they celebrated Tsagaan Sar, the traditional lunar New Year, at the office with dancing, singing and lots of food.'
They honored Women’s Day together with a weekend retreat to the countryside, a day full of team building exercises including tug-of-war, snow soccer and arm wrestling.
And they are excited to begin this new partnership with Kiva. In the future you can look forward to seeing two main types of loans from Credit Mongol offered on Kiva.org: Housing Improvement and Entrepreneurial loans. Credit Mongol has created these two loan products specifically for Kiva, and is using the 0% interest Kiva funds to provide credit access to borrowers that have traditionally been considered too poor and therefore too high risk for loans.
Housing is a major expense in almost every country, and the same holds true here in Mongolia. The Housing Improvement loans will be used to help fund home building or improvements such as insulation or new roofs, expenses that can take years to save for when a loan is not possible. The Entrepreneurial loans will be offered to small business owners with lower income levels than Credit Mongol has traditionally served.
Credit Mongol would like to extend a big THANK YOU for making it a partner with Kiva! The loan officers of CM are enthusiastic about the new partnership with Kiva and excited to start posting loans. The first two loans from Credit Mongol have just been posted – click here to help fund them!
Beth Ritchey is currently serving in Ulaanbaatar, Mongolia as a member of Kiva Fellows 10th class. Make a loan with Kiva partner Credit Mongol today!