Mr. Nyam-Ochir, 39 years old, lives with his daughter in Ulaanbaatar, the capital city of Mongolia. He divorced his wife one year ago. He has been selling building materials, such as wallpaper, fiberglass and cement, since 2005. He sells to local people, by renting a stall at an outdoor market. His daughter goes to high school.
He is requesting a loan of 2,500,000 MNT. He will use the loan to purchase building materials from a border city of China, at the wholesale price and in large quantity. With the materials on hand, he will be able to run his business without worrying about inventory shortage. This business is the only income source on which Nyam-Ochir's and his daughter's lives depend.
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.