Mr. Narmandakh is 31 years old and lives with his wife and two children in Ulaanbaatar, which is the capital city of Mongolia. The family resides in traditional Mongolian ger (portable felt dwelling) on a plot of land. In May of 2012, his wife rented a grocery store and the business is prospering slowly. He has been rendering taxi service to the local people for 9 consecutive years. He is requesting a loan of 2,000,000 MNT to purchase a large amount of food at a wholesale price. As a result, he will be able to help his wife’s grocery store business. This borrower is a very hardworking individual who strives for a better future. In the future, he wants to plant vegetables at an agricultural site and build a house on his plot of land.
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.