Naranchimeg, 30, works as a janitor in the public theater. She lives with her husband in Darkhan, the second largest city in Mongolia. Her monthly salary usually does not cover her necessities and she wants to start saving for her family.
Recently Naranchimeg decided to start a retail clothing business in the bazaar. She believes that the new business she starts will increase her earnings considerably. The loan she is taking will be dedicated to the purchase of some clothes for resale.
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.