Solongo, 33, is a taxi driver trying to save money for her son’s future education. She lives with her sick mother and her son in the slum district of Ulaanbaatar, the capital city of Mongolia. Solongo has been running her business since 2007 and has gained a lot of experience during this period. She is actually a business manager but has still not worked in this occupation as there are no positions available with companies. Her taxi service is therefore the main source of income for her family.
Lately, Solongo's car has started to break down, making it dangerous to serve customers. Therefore, she needs to change some parts and sections of the car. It will be beneficial for her business earnings if she can make these repairs before this winter. The loan Solongo is requesting will used to purchase the new parts for her taxi car and to make the repairs on it.
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.