Naranjargal is 32 years old and lives with her husband and her daughter in a common apartment in Ulaanbaatar, the capital city of Mongolia. She runs a clothes tailoring shop close to her home. Initially, she started her business alone 2 years ago. Currently, 3 sewers work in her tailoring shop with 5 old sewing machines.
In a month there will be the Lunar Year, which is a Mongolian traditional respectful celebration, and traditional cloth orders (called “deel”) will be increased notably during those days. Therefore, Naranjargal wants to prepare her raw materials early for the celebration. It is a big chance to take so many orders.
The loan she is taking will be dedicated to purchasing the tailoring raw materials of traditional clothes such as deel for increasing the number of orders.
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.