Mr. Lkhagvasuren, 47, earns a living using his minivan to transport passengers around Kherlen, a boundary town of Mongolia. He has been in this business since 2009 and already has permanent clients. He lives with his wife in a ger, a traditional, nomadic Mongolian yurt. He wants to slowly improve his business and, eventually, to have his own passenger transportation agency.
Recently, Mr. Lkhagvasuren purchased a new minivan because his previous one was very old and heavily damaged, making it difficult to use for his business. Now he needs a loan to purchase some spare parts for his new minivan.
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.