funding gap emerging markets
Mongolia

Gankhuyag

  • Golomt Bank
  • Local partner investment
  • + 133 other investors
  • With a first loan of EUR 34,000 Gankhuyag will be able to purchase a new truck for his truck rental business in Arvaikheer.

    €34,000
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€34,000
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 30 days on 19 May 2019.
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      Invest from €50
      Average investment
      Based on all Lendahand historical investments
      Complete funding
      Project will be fully funded

      Summary

      In 2016, Gankhuyag (42), owner of a shop, broadened his entrepreneurship by starting a truck rental business. The trucks are used for road and bridge constructions in Uvurkhangai province. Gankhuyag has employed 4 local citizens as sales assistants and truck drivers.

      Uvurkhangai province is one of the spectacular places of Mongolia which has a beautiful nature and rich history. However, the local road system needs many improvements to attract more local and international tourists. Gankhuyag plans to purchase an additional truck to contribute to the road construction works in his hometown. He will purchase the truck from the Republic of Korea and will rent it to the national road construction companies with affordable prices.

      Company nameGankhuyag
      CEOGankhuyag Gombosuren
      Founded2003-04-03
      LocationArvaikheer, Uvurkhangai
      SectorServices
      Turnover€226,453.52
      Employees4

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

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      We have already contributed for Gankhuyag

      Ton Schroer
      Corné de Haas
      Roelien Timmer
      Jan van Munster
      Ron van Eijk
      + and another
      133
      investors