Chimedtseren is 50 years old and lives with his wife and three daughters, who are 10 to 21 years old. The family lives in Mongolia's capital, Ulaanbaatar, in a ger, a traditional Mongolian felt tent. His youngest daughter attends public school while his middle daughter is a student. Chimedtseren’s wife and oldest daughter work at a local restaurant.
Chimedtseren helps support his family by operating a folding door business. He makes folding doors to sell to retailers.
When he first began his business in 2005, he didn’t have his own equipment and working capital, but he has since expanded and now he has equipment and a truck, which carries his handmade products, and 800,000 MNT in working capital. He recently purchased his truck with his business earnings so his working capital decreased.
Chimedtseren is applying for a loan of 1,500,000 MNT to increase his working capital to make more folding doors. He says, “I want to improve my business with this loan and to be able to build our own small house, so my daughters and wife can enjoy better living conditions.”
Chimedtseren is hardworking and responsible. Thus, his main goal is to give high education to his daughters.
Transcapital is one of the leading non-bank financial institutions (NBFI) in Mongolia. Through 12 branches, it serves mainly urban and semi-urban microfinance clients, including a growing number of migrants in the capital city of Ulaanbaatar. Of its clients, almost 68% are women and 60% live in ger districts, settlements made up of houses and traditional Mongolian felt tents that lack basic infrastructure.