Nyamaa, 39, has been selling all kinds of clothes in the bazaar non-stop since 2007. She lives with her husband and her daughter, aged seven, in a ger, a Mongolian nomadic yurt, which is in the suburban district of Ulaanbaatar, the capital city of Mongolia. She owns a rental stall in the bazaar and pays MNT 200.000 every month for the rental fee.
Lately, her business earnings have been decreasing notably due to less sales volume. This badly influences her family's income. This year her daughter is going to begin at primary school. She will need more money to pay school fees and other related expenses. Now she needs to increase her inventory to expand her sales volume. The loan she is taking out will be dedicated to purchasing clothes from her supplier.
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.