Shirnen Otgonbayar is 39 years old and lives with her five children in Darkhan province, one of Mongolia's big provinces. She and her family live together in their own house. Four of the children are secondary school students and her older son is a military officer.
Otgonbayar's family moved to the town from the countryside, where she was a herder, eight years ago in search of a better life. Her husband works in a local company, where his salary is between $100 and $200 per month, in order to help them with their living expenses. Otgonbayar now operates a grocery store with a few basic items. Her store is in a good location where there are always many people around.
She began her business in 2002 by operating a small booth. She says, "I will work hard to pay the bank loan on time and I will use it to grow my business." She is requesting a 1,500,000 MNT loan to increase her working capital and to purchase more inventory for her store.
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.