funding gap emerging markets
Mongolia

Uv Od Barilga LLC

  • Golomt Bank
  • Local partner investment
  • + 166 other investors
  • With a loan of EUR 72,650 Oyunbold will be able to complete the construction of the tourist camp within the next 6 months.

    €72,650
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€72,650
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 21 days on 12 October 2018.
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      Summary

      In 1985, Oyunbold (57) has graduated from the University of Technology of Russia, majoring in auto mechanic.  After graduation, he moved back to his hometown and worked as an auto mechanic for several years. However in 2001, he began his own business in construction materials and opened a small construction materials store named “Od.” Later in 2013, Oyunbold established his company “Uv Od barilga” LLC, which operates in the wholesale of construction materials, construction and building interior. In total, the company has 14 employees and it operates in Uvurkhangai province of Mongolia.

      Uvurkhangai is located 430 km away from the capital city of Ulaanbaatar, and is one of the rapidly developing provinces of Mongolia. Uvurkhangai is renowned for its attractive nature, and number of historical and cultural sites are located here. Thus, the number of domestic and international tourists traveling to Uvurkhangai province has been significantly increasing over the years.

      In the beginning of 2018, the company has initiated a construction project of a tourist camp located in Taragt soum of Uvurkhangai Province. The new tourist camp will offer comfortable rooms, sun terrace and outside children’s playground.

      However, the current construction process is at only 25%, and the company is in short of investments to complete the construction. With a loan amount of MNT 210 million, the company will be able to complete the construction project within next 6 months. The company will hire 10 more employees for the new resort.Opening a tourist camp with diverse services will attract more tourists traveling to Uvurkhangai province, and will substantially promote a growth of the local economy.

      Company nameUv Od Barilga LLC
      CEOOyunbold Luvsan
      Founded2013-01-01
      LocationArvaikheer, Uvurkhangai
      SectorServices
      Turnover€207,527
      Employees14

      Impact

      Small and Medium Enterprises (SMEs) are important contributors to job creation and economic growth in emerging markets. However, access to financing is a key constraint to SME growth, as about half of them don't have access to formal credit. In Mongolia, Golomt Bank serves nearly 80% of the corporate market. They were the first commercial bank in the country to issue small business loans. Golomt Bank accelerated the development of mobile banking in Mongolia by introducing smart banking services in the local financial sector.

      Financial support enables Mongolian entrepreneurs to increase their professional activity, resulting in job creation and improved living conditions.

      Golomt Bank is a member of the United Nations Environmental Program Finance Initiative (UNEP FI). This partnership helps create a financial sector that serves people and the planet and mobilizes private sector finance for sustainable development. The bank has a "Sustainable Development Policy" in which they implement the SDGs in all its operations. For example, improving their waste management, increasing the number of roads for wheelchair users in their offices, and cooperating with environmentally friendly organizations.

       

      SDGs impacted

      With this project you are contributing to the following Sustainable Development Goals:

      SDG 1. No Poverty

      SDG 8. Decent work and economic growth

      Read more about the impact you can make through our platform and the SDGs on our impact page.

       

      Related blog posts

      Read more about other Microfinance Institutions in our portfolio in this overview.

      • With this investment 10 jobs are created
      • With this investment 50 lives are improved

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      We have already contributed for Uv Od Barilga LLC

      Els Mol
      Jan van Munster
      Aad Nootebos
      Piet van der Kooi
      Lot Hagenaars
      + and another
      166
      investors