Mrs. Bolormaa, 29 years old, lives with her husband and two daughters in Ulaanbaatar, the capital city of Mongolia. The family resides in her father’s three-room apartment. Her elder daughter goes to secondary school, and her younger daughter attends a kindergarten. Her husband renders construction and outer decoration services to local people. She rents apartments to 18 households, and each one of them has made a payment contract with her.
Over the past years, she has saved 17,000,000 MNT (Mongolian tugriks) to purchase a plot of land, but due to a lack of enough cash, she can’t afford to purchase the land fully. She is requesting a loan of 4,000,000 MNT to contribute this money for purchasing the plot of land. As a result, she can start up her new business. The land will be used for the building of a resort. The borrower is a very hardworking and calculative individual who wants to contribute to the local economic development.
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.