funding gap emerging markets
Mongolia

Choijilsuren

  • Golomt Bank
  • Local partner investment
  • + 69 other investors
  • With a loan of EUR 39,200 Choijilsuren is able to restock and therefore prevent his solar panel store from stock-outs during high season.

    €39,200
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€39,200
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 3 days on 26 June 2018.
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      Summary

      Choijilsuren (51) sells solar panel and battery storage for nomadic herders in the province of Uvurkhangai in Mongolia. He started his business in 1992 by selling electronic products to herders. In 2005, he realized that solar panels are essential for nomadic herders, who live  in the vast steppes where there's a lack of electricity for all of nomadic households.

      Uvurkhangai province is located in the south of the country and 430 kilometers away from capital city Ulaanbaatar. It has the largest number of livestock in the country, therefore more and more herders are willing to buy solar panel to enable lights, refrigerator, television and other electric devices at home. Choijilsuren constantly upgrades his products and services and his business is known for its good quality products .

      This loan will enable Choijilsuren to prepare for the upcoming high season and hire 1 more employee at the store. 

      Company nameChoijilsuren
      CEOChoijilsuren Adiyakhuu
      Founded1992-01-01
      LocationUvurkhangai province
      SectorWholesale / Retail
      Turnover€138,533
      Employees3

      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 1 jobs are created
      • With this investment 120 solar home systems are installed

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      We have already contributed for Choijilsuren

      André Kloosterman
      Ina Beuving
      Marc Sierink
      Anastasios Krommydas
      Gerard de Jong
      + and another
      69
      investors