Mr. Baasansuren, 35, runs a translation bureau in the town of Ulaanbaatar, the capital city of Mongolia. He lives with his son and wife in the boundary district of Ulaanbaatar. He has been running his business for five years and still has not been able to increase his income significantly. Due to this he decided to start a new business selling coal for fuel usage in addition to his translation business. According to his plan, after his new business becomes stable, his income will increased notably after he pays back all debts. Initially he needs enough working capital to stablize his new business. The loan he is taking will be used to purchase the a large amount of coal for sale.
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.