Ms.Otgonjargal is a 27-year-old, single woman. She lives with her son in a one-bedroom apartment in Ulaanbaatar, the capital city of Mongolia. Her son is 4 years old. Otganjargal’s parents look after her son, giving Otgonjargal a chance to work and earn money. She has a boyfriend who works in Korea at the moment.
Otgonjargal worked at a factory in South Korea on a labor exchange contract for three years. When she came back from Korea, she started running a clothing retail business. She rents a stall at the Narantuul, the biggest outdoor market in Ulaanbaatar city.
She buys her products from wholesalers who import them from abroad. The rent price for the stall is quite high and its costly for her business. Therefore she decided to buy a stall at the Narantuul market, making an investment in her business. The loan she is taking will be used to buy a permanent stall at the market and to sell her products to clients.
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.