Mrs. Tuya is 32 years old. She lives with her husband and son Amgaabazar, 8, in an apartment they bought last year with a mortgage. Her husband works in a lemonade factory as a sales representative.
Tuya used to work in a supermarket as a salesperson. In 2008, she decided to rent a place and open a small grocery shop. Since then, she has been running her business quite successfully. But most of her profits of around 2,000,000 Mongolian Tugriks go to cover the rent at the moment. So she decided to build her own small shop and also, at the same time, increase her working capital and profit. Building work is 75% complete. The reason she is asking for the loan is to complete the building project before the wintertime and to move the business in.
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.