Tungalag is 35 years old and lives with her husband, son and daughter in Ulaanbaatar, the capital city of Mongolia. They own a plot of land and a small house in the suburb of Ulaanbaatar. Two children attend a local secondary school. Tungalag and her husband have run a building material retail business since 2006. Once a month she or her husband travel to Ereen, the Chinese city on Mongolian border, and buy necessary building materials to resell in Ulaanbaatar city for a profit. In the off building season (winter time), she just orders the essential materials from her sister to bring from China. They also buy plumbing materials, 2 to 3 times a week, from a wholesale point and resell them. They rent a stall in Hermes Center, one of the biggest and most crowded building material retail and wholesale markets in Ulaanbaatar.
Tungalag future plan is to extend her business as a wholesaler and to build a bigger house for her family. The reason she is asking for this loan is to increase her working capital, which will bring more profit for the business and family.
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.