Ankhbayar is 30 years old and runs a grocery store near her home. She lives with her son and husband in the slum district of Ulaanbaatar, the capital city of Mongolia. She has been running her store since 2008, and there are no other grocery stores near hers. Therefore, she plans to expand it and offer her permanent customers more products. She uses a minivan to bring supplies to her store, but now she needs to exchange it for a bigger van so that she can carry more supplies. The loan Ankhbayar is taking out will be used to make payments on her new minivan so that she can bring more supplies to her grocery store.
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.