Erkhembayar is a 26-year-old single man. He lives with his mother and younger brother in Ulaanbaatar, the capital city of Mongolia.
Before 2009, he used to run a transportation business and left it because of the tough competition. Since 2009, he has been running a small variety store and his business has been expanding since then. He managed to finish building a family house.
In Mongolia, a variety store is basically a small convenience store which retails groceries, toiletries and beverages piecemeal to the local neighborhood. He is the only breadwinner in this family and supports his old mother and younger brother.
Currently, he is renting this shop on two-year agreement. His future plan is to build his own small shop. The reason he is asking for this loan is to make some internal renovations to the shop and to increase his profit by adding some working capital.
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.