Mrs.Otgon, 40 years old, lives with her husband and two children in Ulaanbaatar, the capital city of Mongolia. They don’t own any land. Currently they are living in a ger, a traditional Mongolian nomadic tent, on her husband’s uncle’s plot of land. Their future plan is to buy some land and to build a family house on it. Therefore they have work hard to increase income and accumulate some money.
Since 2000, Mrs.Otgon has been running a hardware and tools retail business. She buys the items from wholesalers. She also buys second hand tools to restores and sells them as well. She is applying for a loan to buy more tools and hardware for resale and to buy one more cow for milking. She sells milk to her neighbors as well.
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.