Mr. Bayarsaikhan, 53, sells spare parts for Russian cars in a market. He has been running his business since 1998 and has permanent customers.
He lives with his wife, and all of their children have moved out their home. His wife is unemployed and has been sick for many years.
Bayarsaikhan wants to increase his sales volume for business expansion. He decided to purchase a large amount of spare parts from his supplier. It is beneficial for his business for improving it further. The loan he is taking will be dedicated to purchasing inventory for increasing working capital.
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.