Buyanbaatar, 27 years old, lives with his wife and three children in Darkhan, the second largest city in Mongolia. They own a house in a suburb of Darkhan. The eldest daughter is 7 and attends a local school and the two other children go to kindergarten. In 2003, Buyanbaatar bought a car on leasing contract from the bank and started his taxi business. He has been in this business for 7 years and bought a house for his family from his taxi business profit.
Buyanbaatar’s wife is a disabled woman with a lame leg, but she is a very energetic and enthusiastic businesswoman. She runs a small workshop in which she makes interwoven wool clothes and fabrics. She has six looms and employs four weaver workers. She produces wool products for a local textile factory on subcontract. Her order increases in the winter.
Buyanbaatar and his wife raise a chicken and ducks in the garden as well. The reason Buyanbaatar is requesting this loan is he wants to build a warm garage for his car and save garage rent money. In wintertime in Mongolia, especially at night, the temperature drops to minus 40 degrees Celsius, which makes starting a car a burden for the drivers. He also wants to buy some wool threads for his wife’s business.
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.