Munkhgerel is 40 years old and lives with her husband and daughter in Ulaanbaatar, the capital city of Mongolia. She and her family live together in a rental apartment. Her daughter, Odmaa is 18 years old and attends a university. Her husband works for a tour company. During the day, Munkhgerel sells tights at a local department called Bileg and Khuree Goyol. She operates a retail business, purchases a variety of Italian products from Russia and resells them for a profit. She started her business in 2005 with working capital of 500,000 tugrugs (~365 USD). After years of successful operations, she has managed to increase her working capital to a level exceeding 3,000,000 tugrugs (~2,188 USD) today. Munkhgerel has good communication skills and her business is very important to her. She says, “I would like to open a new sales point in the countryside.” She is requesting a loan to purchase a large number of tights to sell to her many customers.
About Credit Mongol
Credit 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.