Magsarjav is 21 years old and lives with his parents and a younger sister in Ulaanbaatar, the capital of Mongolia. They live together in a traditional Mongolian housing tent. His parents have been operating a spare truck parts retail business for many years in “Uguumur market”. His two youngest sisters are attending local secondary school. Magsarjav has been running a spare truck parts retail business for the last three years and he adopted this business from his parents. His business is doing very well because brand new spare parts for big trucks are very expensive. He has his own customers and his products are in good demand. In the future, he wants to get a higher education. Therefore, Magsarjav is requesting this loan because he wants to increase his working capital and inventory.
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.