Mr. Davaasuren, 29, is a craftsman and makes many kinds of traditional souvenirs and some appliances in his home. Then he sells them to the market sellers at a low price. He lives with his girlfriend in a ger, a Mongolian traditional nomadic tent, which is in the suburban district of Ulaanbaatar, the capital city of Mongolia. He has been running his business since 2009 with his brother, and has gained quite a lot of experience in his business. At this time, he wants to increase his inventory and business working capital. He believes that it will increase his business outputs and income in the future. The loan he is taking will be dedicated to purchasing the raw materials for his craft 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.