Davaamaa
With a loan of EUR 13,700 Davaamaa will be able to expand her company and hire 2 more employees at the meat factory.
€13,700
3.00%
36 months
6 months
EUR
CurrencyAmount | €13,700 |
Interest | 3.00% |
Maturity | 36 months |
Repayments | 6 months |
Currency | EUR |
The project
Davaamaa (45) is an experienced entrepreneur, who has established her business in her early 20s. First in 1995, she began selling men and women clothing, shoes, and bags at the local shop of Selenge province. Later in 2004, she broadened her business and opened a small restaurant named “Ulemj.” The business has successfully developed, and in 2013, she expanded the restaurant into 2 store building, and began running a veterinary pharmacy on the second floor. In 2017, she added up another business line by opening a small consumer meat store. Currently, she has 5 employees in total.
As livestock has been the fundamental food resource of the country, Mongolian traditional foods often include beef, lamb or horse meat. Throughout the years, livestock number has been increasing and the total amount of livestock of the country has reached its peak at 66 million in 2017. However, consumer meat processing and storing still lack factory establishments.
The owner, Davaamaa, has also faced meat processing and storing challenges in the business. She has a supply contract with local herders of Selenge province, and buys consumer meat at lower prices. However, she needs storing and processing facilities to provide healthy conditions to store the meat and to maintain its freshness. Thus, she plans to build a small meat processing factory next to her meat store.
In order to fulfill her plan, Davaamaa seeks to borrow 40 million MNT. She will hire 2 more employees at the meat factory as a butcher. Her business promotes the consumer meat processing development of the province.
Company name | Golomt Bank |
CEO | Davaamaa Suren |
Founded | 2004-01-01 |
Location | Sukhbaatar, Selenge |
Sector | Agriculture |
Turnover | €22,252.80 |
Employees | 5 |
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 2 jobs are created
- With this investment 10 lives are improved