Mrs. Bayarmagnai, 42, sells groceries in her rented grocery store. She rents it at MNT 250,000 a month. Her daily earnings are not so good, however she puts aside saving for her son’s education or school fees.
Bayarmagnai is a widow and now she lives with her son in the 'ger' district, an area with Mongolian traditional nomadic yurts in Ulaanbaatar, the capital city of Mongolia. She is requesting a loan to buy groceries from her supplier to increase the stock and for larger sales volume. It is a very important thing to increase her business earnings.
Also she will use her loan to repair her fence which was broken by a storm. The loan she is taking will be dedicated to increasing the stock of her grocery store and repairing the fence.
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.