Mr. Nyamdorj is 37 years old and lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. They live in their family house in a suburb of Ulaanbaatar city. The two teenage daughters attend a local secondary school.
Nyamdorj has been running a Mongolian national shoe-making business for 13 years. He makes shoes according to customers' orders and he gets a lot of orders from clients to make shoes. His wife helps in his business by sewing the outer parts of the shoes. These shoes are exclusively made by hand and all the parts need to be done the traditional way.
During these 13 years, Nyamdorj managed to buy a plot of land, a family car and to build a family house on his business earnings. Last year he made an extension to the house but it isn’t complete yet. He has planned to build one more room and to use it as his shoe-making workshop. Until now he has been producing his shoes at home. The loan will be used to complete the extension to the house and move his workshop to a separate room.
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.