Mr. Otgonbaatar, 34 years old, lives with his wife and three daughters in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. His elder daughter studies at secondary school. His two younger daughters stay at home with their mother. His wife ran a clothes-manufacturing workshop between 2000 and 2011. When his wife got pregnant in 2011, she began making clothes ordered by clients, instead.
Otgonbaatar, himself, worked as a carpenter at a rental basement from 2000 to 2002. In 2002, he began working as an assistant at a construction site. In 2007, using his savings, he opened his own workshop where he makes various kinds of furniture. During the past six consecutive years, he has accumulated a vast amount of experience in furniture designing and manufacturing.
In order to increase work output as well as efficiency, he is requesting a loan of 1,500,000 MNT, which he will use to purchase high-quality equipment and machines. For example, he plans to buy dust collecting equipment, joining machinery, and clamping machinery. As a result, he will be able to generate more income for his daughter's future education. The borrower is a very hardworking individual, who cares deeply for his family.
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.