Sergelenbaatar, 47, works as a repairman in an auto-repair service. He lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. He has been doing his job for six years and his salary is about US $350 in a month, which does not usually cover his family's necessary expenses. Therefore he decided to start a second business driving a taxi around the city. Recently he bought an old car from his company at a low price. He will use it for his new business. But, first he needs to make some adjustments and repairs to his car, which will improve the service quality of his new business. The loan he is requesting will be dedicated to the purchase of spare parts for his car adjustments.
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.