Odonbileg, 29, sells casual clothes in a shopping mall which is located in Ulaanbaatar, the capital city of Mongolia. He has been running this business for 5 years with his wife and usually they have a lot of customers. Now he lives with his family in his father-in-law’s apartment in the suburban district of the city.
Initially this couple started their business by retail sales from their home and sometimes sales by phone calls around the offices. Now he needs to increase the working capital for bigger sales volume. It is beneficial to run their business successfully and raise their family's income. This loan he is taking will be dedicated to the purchase of more casual clothes from the suppliers.
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.