Mr. Sukhbaatar, 46 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. He has been working as welder at a power plant since 2004. His wife is unemployed and stays at home. Their children both go to high school.
Sukhbaatar is requesting a loan of 3,000 USD to open a cafeteria. He is planning to rent a small, old house near his home in order to use it as a cafeteria. His wife will be employed; she will be the main person responsible for running the cafeteria, as he is busy. This business will, if it succeeds, greatly increase their living standard.
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.