Mr. Otgonbayar, age 47, is a radioman in a military unit of the Mongolian armed forces. He owns land and wooden houses in the outer city of Ulaanbaatar, the capital of Mongolia. He rents his houses to the families who move into the city and want to pay cheaper-than-market rent costs. It is an additional business of his income source. Currently there are eight households on his land and every month they pay him rental payments. Lately, his houses have been become old and damaged in some parts. Therefore he is planning to renovate them before this winter. This will be beneficial to his business future and will provide more comfortable living conditions for his customers. He needs the loan to purchase building materials to renovate his rental houses.
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.