Mr. Bold-Erdene, who is 36, has a taxi business but his earnings don’t usually cover his family's necessities. He lives with his wife and parent in an old house in the suburban area of Darkhan, the second largest city in Mongolia.
Bold-Erdene has been running a taxi service since 2004, but he still has not earned enough money for his life. Therefore he is planning to have a second family business such as a grocery store in his back yard. Although he thinks that it will be hard in the starting time, it will notably increase his family's income after it becomes stable and successful.
Now he needs to purchase the commodities from big food markets to build stock for his business. The loan he is taking will be used to purchase the food products and beverages to start his grocery store 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.