Bayantsagaan, 36, runs a taxi business around Kherlen, an eastern boundary town. He lives with his wife and his 3 children on his plot of land. For over a decade he has been running his business. Last year he bought a truck for a freight transportation business to grow his family income, but it has been running not so successfully.
His daughter Oyungerel plays traditional instrumental music and recently she won an award in the state musical competition. Two months from now she is going to Japan for an international music competition. It will be a little bit expensive for his family budget. Therefore Bayantsagaan decided to earn the extra money for his daughter’s travel and competition expenses in Japan. It is a very important thing for him and his daughter. He is planning to do it by repairing his taxi and running his business much more in the next 2 months. Also he needs money to repair and renovate his old house. It was built in the early 1980s, but since then it has not been renovated. The loan he is taking will be dedicated to purchasing spare parts for his car and building materials for the house 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.