Mr. Sukhbat, 31, makes work clothes in his tailoring shop. He lives with his wife and his 2 children in the slum district in Ulaanbaatar, the capital city of Mongolia. He has been running his shop for 5 years nonstop, and before that he used to work as a sewer in other tailoring companies.
At first he started his business alone with just 2 sewing machines and some other old equipment, but now his tailoring shop has 4 employees who are hired workers. Sukhbat always wants to expand and improve his business day by day.
At this time he wants to purchase new equipment for his shop, such as a button-machine. He thinks it will ease their jobs and their output will be notably increased. Therefore, he will use his loan to cover the cost of a button-machine to ease his tailoring jobs.
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.