Mr. Otgonchuluun, age 24, is a driver operating a freight transportation business in Ulaanbaatar, the capital of Mongolia. Since last year, he has been running this business with his mini truck. He confirms it is the main income source for his family. He lives with his son, age 5, and his wife in a ger (a Mongolian traditional nomadic yurt) in the ger district. His wife works as a vendor in the market.
Lately Mr. Otgonchuluun's truck has been bad and damaged a lot. With this loan, he will buy some spare parts to repair his mini truck.
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.