Erdenetuya, 28, has a business making and selling women's clothes. At her home, she makes and sews the outfits of women's clothing and her husband, Munkhbaatar, sells them to customers at the bazaar. She has been operating her business for 11 years. Initially she started her business with her mother: now she runs it with her husband.
Erdenutaya lives with her husband, her daughter and two sons in a ger, a Mongolian nomadic yurt, which is in the suburban district of Ulaanbaatar, the capital city of Mongolia. Lately her business earnings have decreased notably due to less sales volume. This badly influences her family's income. Therefore, she needs to increase her inventory to expand her sales volume. The loan she is taking out will be dedicated to purchasing raw materials for more output.
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.