Khuvsgul Center LLC 2

With the second loan of EUR 53,850 Otgon-Ochir can finish the construction of the event hall and open in November 2018.

  • Local partner investment
  • 20 new jobs
  • 80 people reached



48 months



Annual interest



6 months

Repayment Interval
Fully funded in 11 days on 20 September 2018.
+ 117 other investors

“Khuvsgul Center” LLC was established in 2000, as a subsidiary company of “Dul” LLC which is one of the first private companies in Khuvsgul province. The head company “Dul” LLC imported consumer products with good quality, and supported local citizens’ wellbeing during a sudden shift of Mongolian economy in 1990s. Today, it has branched into subsidiaries and operates successfully in farming, tourism, and hospitality.

Otgonochir P. (48), the owner of “Khuvsgul center” LLC, graduated from the University of Science and Technology of Mongolia in 1994. Born and raised in Khuvsgul province, he has always been considerate for his hometown’s future improvements, and operates his business towards to developments of local economy. Currently, the company runs a hotel “50-100” in Murun city, which has already gained customers’ appraisal. The company has over 30 employees, and is one of the biggest private companies in the province.

In September of 2017, Otgonochir has initiated a construction project “Munkh Khaan Event Hall.” The new building consists of 12 guest rooms, an event hall with a capacity of 600 people, VIP rooms, indoor pool and entertainment activity rooms such as karaoke and billiard. Also, it has a spacious parking lot for 200 cars and an outdoor playground for children.

Khuvsgul province is located 671 km away from the capital city Ulaanbaatar, and has renowned for its attractive nature, beautiful lake “Khuvsgul,” and a unique ethnicity “Tsaatan” living only in the province. Throughout the years, the number of international and domestic tourists travelling to Khuvsgul province has been increasing. Additionally, a tourist season is risen not only in the summer, but in the winter, many people travel to Khuvsgul to see the admirable winter nature around the lake. Therefore, a demand for convenient hotels with diverse services and open for all seasons is significantly rising.

However, the current construction process of the new building is at 53%, and the company is in short of investments to complete the construction. With a total loan amount of MNT 300 million, the company will be able to finish the construction and open the event hall by November, 2018. The company will hire 20 more employees near the opening, and 15 more in the long-run. Opening a big event hall with diverse services in Murun city will attract more tourists coming to Khuvsgul province, and will substantially promote a growth of the local economy.

Company nameKhuvsgul Center LLC 2
CEOOtgon-Ochir Purev
LocationMurun, Khuvsgul

Impact of this project

  • With this investment 20 jobs are created
  • With this investment 80 people are reached

About the investment

TypeLocal partner investment
IssuerGolomt Bank
Funding target€53,850
Annual interest3.00%
Maturity48 months
Repayment IntervalSemiannually
Terms and conditionsShow
Note termsDownload
Information document issuerDownload

About the risks

What are the risks of investing money?

The risk level depends on the specific project. Local partners cover the risk of currency exchange rates and defaults on Local Partner investments. They do this by maintaining financial reserves for this purpose. Aside from that, there is an option to claim their equity if needed. While these measures are intended to minimize the risk to investors, our local partners face risks of their own that could affect their ability to secure your investment. These include - bankruptcy - currency exchange rates - fraud - operational risks - political and regulatory changes - natural disasters or epidemics.

With direct investments, risks of default are not covered. As the risks are higher, so are the interest rates.

There is also some operational risk at Lendahand. An example might be that Lendahand is unable to find shareholders to finance their activities. In such a case, Lendahand will handle outstanding investments at the best of its ability. At the same time, our ability to legally address non-payment from local partners becomes understandably difficult.

How does Lendahand minimize the risks?

Every local partner must share our social mission to ensure local entrepreneurs can access affordable financing, allowing them to grow their business. Local partners must also have a 'track record'; they must have proven themselves as a reliable credit provider for SMEs.

For instance, this means a solid credit portfolio and enough buffers and equity to compensate for unexpected downturns. We also check the organizational structure of the portfolio company and how robust their (internal) procedures are. Finally, the investments must be in proportion to the total balance of that portfolio company. A healthy balance between effectuating influence and being independent is crucial. If you would like to receive more information on the financial indicators we employ, please contact us via

When currency exchange risks become too high for a local partner, Lendahand will urge the local partner to cover these risks. In some scenarios, the local partner is contractually obliged to comply with these demands.

Lendahand always conducts due diligence when companies request funding. The results can be downloaded on the project detail page. However, this analysis is not investing advice.

Does Lendahand provide a guarantee?

Usually we don't. Local partners take care of the repayment, even if (some) entrepreneurs are unable to do so themselves. If the local partner is for some reason unable to repay then there is a chance of partial or full loss of your money. For this reason, Lendahand only selects financially solid partners based on strict criteria.

For most direct investments, there is no guarantee. However, currency risks are covered.

Sometimes, and only for some direct investments in Africa, our partner Sida, part of the Swedish government, will guarantee a maximum of 50%. Read here more about guarantees with Sida. Projects with Sida guarantees are indicated explicitly on the project page.

Does Lendahand have a license or exemption?

Yes. The Dutch Authority Financial Markets (AFM) has provided Hands-on B.V. (with trade name 'Lendahand') in September 2016 with an investment firm license in accordance with article 2:96 of the Financial Markets Supervision Act (Wft). Placing orders on Lendahand's website is therefore an AFM regulated activity. Lendahand also meets its minimum capital requirements following its license as required by De Nederlandsche Bank (DNB).

Lendahand uses an exemption from an approved prospectus that is available up to EUR 5 Million per year. 

How safe are my personal details?

We adhere to strict safety requirements concerning private and payment details. All sensitive data is sent through an encrypted connection (https). Also, information is stored (encrypted) in a secured facility provided by AWS: the world’s largest hosting service. A secured connection and multi-factor authentication can only retrieve customer documents.

What happens if the local currency devaluates?

Our local partners and companies bear the exchange rate risks. We settle the investments, redemptions, and interest payments in euro.

Does Lendahand use a third foundation fund?

Lendahand works with Intersolve EGI: a Dutch financial institution specializing in payment settlement and electronic money. To be able to offer these financial services, Intersolve EGI must comply with the applicable financial legislation. Intersolve EGI is therefore supervised by De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) and owns a license to act as an Electronic Money Institution (and therefore also has a license as a Payment Institution). Your money will be deposited on a protected and secure bank account until the project you have invested in has been fully funded. Intersolve has no access to these funds. Once the project is fully funded, the money is transferred to the local partner or company in question.

What happens with my money if Lendahand goes bankrupt?

If Hands-On BV (containing the brand name Lendahand) went bankrupt, trades between Lendahand and payment service provider Intersolve EGI would cease immediately. Intersolve will then transfer the funds in your wallet to your bank account (Note: if at this time the project you have invested in has been fully funded and the money has thus been transferred to the local partner, these funds will not be transferred back to your bank account). Intersolve will then, in consultation with a trustee, handle all repayments between the investors and entrepreneurs until the final repayment of the last project has taken place.

Additionally, Lendahand is part of the investor compensation scheme (ICS). This scheme aims to compensate individuals and small businesses with trusted money and or financial instruments (such as notes or options) to a licensed bank, an investment firm, or a financial institution. In case the financial firm is unable to meet its obligations arising from claims related to the investment service (in other words, if Hands-On BV is not keeping track of the acquired notes by investors in the Wge depot correctly). The ICS guarantees an amount of up to €20.000 per individual. For more information, go to

Why is Intersolve EGI handling my money?

As part of the AFM license for investment firms, it is required that operational activities carried out by Lendahand (maintaining the website, contracting of local partners, legal issues, etc.) are strictly separated from financial transactions (payments made through the website). Intersolve takes care of the costs. This collaboration offers you more security since your money is placed on a protected bank account immediately after making your payment.

What happens when a local partner goes bankrupt?

When a local partner goes bankrupt, there’s a chance you’ll lose (part of) your money. Lendahand will try to recover outstanding payments, but the success rate is limited in such situations. For you, as an investor, there’s no possibility of taking action against the financial institution. Therefore, it is recommendable to choose several different projects.

About Golomt Bank

Portfolio Overview€1,071,102,268.56
Equity / total assets7.36%
Write-off ratio last 12 months5.41%
% investment amount in arrears (>90 days)6.53%

We have already contributed for Khuvsgul Center LLC 2

Joost Beenker
Jan-Dik Boot
Jan Okken
Coen van Harmelen
Hans Bierhuis
+ and another