Chuluunbaatar, 47, is a watchman who lives with his 3 sons and his wife in the slum district of Ulaanbaatar, the capital city of Mongolia. His wife Ulambayar works as a janitress in a public organization. He has been working as a watchman for many years, but still could not earn enough money. Because his monthly income is low, he cannot provide their necessities.
Therefore, he decided to start his own new business, which will be a taxi service in addition to his current job. He will run his new business on his days off. If he can start his new business as planned, he will save all the earnings for the future education of his sons. The loan he is taking will be dedicated to covering his new car payment, purchased to start his own taxi business for increasing his earnings.
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.