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funding gap emerging markets
Mongolia

Tsetsegsuren

  • Golomt Bank
  • Invest in a Financial Institution
  • + 40 other investors
  • With a loan of EUR 11,900 Tsetsegsuren will be able to rent another pavilion for her supermarket and hire 1 employee. 

    €11,900
    Amount
    3.00%
    Interest
    42 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€11,900
    Interest3.00%
    Maturity42 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 17 days on 12 April 2018.

      Summary

      For the last 15 year, Tsetsegsuren (46) has been selling consumer goods in Uvs province, the west border of Mongolia, and she is ready to take the next step to expand her business. With loan amount of MNT 35 million, Tsetsegsuren will be able to rent another pavilion and hire 1 employee. 

      As it is the furthest region from the capital city Ulaanbaatar, 1,400km in distance, transporting consumer goods from the capital city to local customers is very costly. Hence, Tsetsegsuren prefers buying consumer products from the border stores in Russia and China, which Uvs province neighbors. Doing so she’s able to find good quality yet lower price products for her customers. On daily basis, Tsetsegsuren’s husband and her daughter assist her.      

      Company nameTsetsegsuren
      CEOTsetsegsuren Badamsuren
      Founded2003-01-01
      LocationUvs province
      SectorWholesale / Retail
      Turnover€72,273.19
      Employees1

      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.

      • With this investment 1 jobs are created
      • With this investment 4 lives are improved

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      We have already contributed to Tsetsegsuren

      Annelies Braakman
      Jacques van den Bosch
      Arjanne Rietsema
      Menne Glas
      Ton Schroer
      + and another
      40
      investors