Bayarjargal B. is a 37-year-old divorcee. She lives with her only daughter, Munkhjargal, 16, in a ger, a traditional Mongolian nomadic tent in Ulaanbaatar, the capital city of Mongolia. Her daughter attends a secondary school.
Bayarjargal is a hardworking woman with a strong desire to raise a healthy daughter and to give her a proper education. Seven years ago she bought a minivan and obtained a license to carry passengers on one of the remote bus lanes. She hired a driver and she works as a conductor. During the past seven years she has gained a lot of experience and her business is running smoothly.
Each year she has to pass the safety test for her minivan and every two to three years she has to renew the car. Now it is time for the test. Therefore, she is planning to do a proper annual service to her minivan, servicing the engine, replacing seats and doing some body work. The loan she is requesting will be used to pay for spare parts and for the service to her minivan, including engine and body work.
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.