Erdene-Ochir, 42, is a taxi driver. Since 2008, he has run his business in the districts of Ulaanbaatar, the capital city of Mongolia. Erdene-Ochir has gained enough experience to continue his business in the future. He lives with his wife and two sons in his brother’s house.
Erdene-Ochir's wife recently started a new textile business with her sister. They run the textile business from their rental apartment. The textile business preparations are going well, but they need sewing tools and raw materials to start the work. Exactly MNT 1,000,000 is needed to purchase the sewing materials. Therefore, Erdene-Ochir requests a loan to support his wife so she can purchase textiles, a sewing machine, and other tools to start the new 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.