Mrs. Saranchimeg, 47, sells soft home furniture such as sofas and armchairs in a bazaar. She has been running her business for six years and lives with her family in a ger (a Mongolian traditional nomadic tent). For the last few years, her business has been running not so beneficially, and sometimes she bears a loss from her sales. Therefore, she decided to start her own new business in intercity passenger transportation. She has three years of experience as a driver, as she used to drive a taxi around the city before she started her sales business. Now she needs some money to support the purchase of a minivan to use for starting her new business. The loan she is taking will be used to cover the cost of a new minivan for her new business.
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.