Mr. Boldbaatar, 40, makes Mongolian national musical instruments such as horse-head fiddles. A horse-head fiddle is one of the Mongolian national respectful musical instruments and there are just a few carpenters who make it correctly in Mongolia. Boldbaatar is one of them. He sells his products to the supermarkets in Ulaanbaatar, the capital city of Mongolia. He has been running his business for 21 years and already has his own permanent customers. He lives with his wife and his two sons. His two sons also have been studying carpentry skills.
Boldbaatar wants to increase his working capital to purchase wooden material and some other materials needed to make more products because he is planning to sell a large numbers of horse-head fiddles to his customers. It is beneficial for his business future and its expansion. The loan he is taking will be used to purchase the raw materials for carpentry.
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.