Mrs.Munkhtsetseg, 54, runs a grocery store in her backyard. She lives with her husband and her two daughters in the old house, which is in the slum district of Ulaanbaatar, the capital city of Mongolia. She has been running her store successfully during last few years. Now she needs to increase her store working capital to expand her business.
The loan she is borrowing will be used to purchase some groceries to expand her volume of sales. She says she has a plan to open her second grocery store in the next year.
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.