Ganbaatar is35 years old and lives with his wife and father-in-law in Ulaanbaatar, capital city of Mongolia.
His son studies in Korea on scholarship. He and his wife have worked at sock factory for ten years and in 2010 they came back to Mongolia to run their own business.
They have purchased a sock making machine and rented a basement apartment. Using their accumulated experience in making socks, they successfully launched their business and clients are ordering more socks, but Ganbaatar can't afford to provide socks due to inventory shortage.
So Ganbaatar is requesting a loan of 3000000 MNT to purchase materials such as wool, cotton and silk. As a result, they can supply more socks to their clients and generate more income to improve their living standard.
The borrower is a very hardworking individual who deeply cares for his family.
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.