Mr. Badamgarvaa, 53 years old, lives with his wife in Ulaanbaatar, the capital city of Mongolia. His wife has been working as a technologist at a cookies factory since 2007. He himself is a bus driver and has lots of experience. His daughter lives separately and is currently unemployed.
So, he decided to provide a job opportunity to her daughter by launching a new business. He wants to rent a stall at a trade center and give his daughter the responsibility of selling clothes. For this cause, he is requesting a loan of 4,000,000 MNT. The rent fee and the cost of buying clothes at wholesale are estimated to be around 4,000,000 MNT.
Income generated by clothes sale will be split between him and his daughter. This business is very helpful because he will retire soon, and his daughter needs a job urgently.
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.