Natsagdorj, 19, is an accounting student at a university. He lives with his father, mother, sister and brother in the town of Kherlen in Dornod, a province of Mongolia. His parents are herders and his sister is not yet employed. The family needs additional income from another source to improve their living conditions. Also, Natsagdorj has been paying his own school fees and meeting his basic daily needs, but over several years his costs and fees have risen dramatically.
These factors have led Natsagdorj to decide to start his own business selling spare auto parts. He owns a small apartment downtown and wants to pledge it against the loan, which he needs to build working capital and start planning his business.
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.