Tserendorj, 39, is a skillful craftsman. He lives with his daughter and wife in Ulaanbaatar, the capital city of Mongolia. The family lives in a ger, a traditional Mongolian felt tent, in his brother’s yard. His daughter attends primary school and his wife works at a local kindergarten.
When he first began his business in 2000, Tserendorj made golden and silver jewelry at home. In 2008, he and his brother built his own small workshop with his business earnings. In the past eleven years, he has gained a lot of experience and today he makes various fine works of arts on order. He was thus able to buy a used car with his business earnings a few months ago.
Tserendorj is applying for a loan of 2,300,000 MNT to buy silver to make a custom saddle with silver jewelry to sell to his customer. His plan for 2011 is to build his own small house with his business earnings.
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.