Mr.Sugarjav is 31 years old and lives with his wife and two daughters in Dornod Aimag, Kherlen Soum, in the far eastern province of Mongolia, which is 500 miles away from the capital city. Since 2004, Mr. Sugarjav has been running a transport business. He carries people from the center of Dornod Aimag to different remote "soums" (towns). He has gained a lot of experience during the last 6 years and he has a good reputation among his colleagues and customers.
His wife works as a teacher in secondary school. The family keep a few cows for milking purposes. They sell surplus milk to neighbors to earn some extra money. This time Mr. Sugarjav is planning to buy more cows to increase the family income. The loan will be used to buy cows to increase their income from selling milk.
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.