Mr. Batbold, who is 47, runs a taxi around the districts of Ulaanbaatar city, the capital city of Mongolia. He is widowed and now lives with his mother and daughter in the slum district of Ulaanbaatar. His monthly earning is not enough for his family's necessities. He has been running his business, which his father initially taught him, since 2003.
Now Batbold needs to renovate his taxi car for better service quality. He says that it will influence him to improve his business and increase his earnings. He will repair and renovate his car by himself this spring. The loan he is taking will be dedicated to purchasing spare parts for his car renovation.
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.