funding gap emerging markets
Mongolia

Ikh Chonos LLC

  • Golomt Bank
  • Local partner investment
  • + 123 other investors
  • With a loan of EUR 41,950 Choidorj wants to upgrade the kitchen facilities and renovate the dining halls to serve the increasing number of customers.

    €41,950
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€41,950
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 18 days on 1 July 2019.
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      Invest from €50
      Average investment
      Based on all Lendahand historical investments
      Complete funding
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      Summary

      Choidorj began his restaurant business in 2004, by opening a small diner place in Baganuur city of Mongolia. In 2013, he built a 2-store building and expanded the small diner place into a restaurant with a capacity of 80-100 people. In 2015, he added a coffee shop on the first floor of the service building. Now, the company has total of 25 employees and has become popular among the local residents as well as tourists.

      Bananuur city is located at the west part of Mongolia and is one of the largest cities of the country. Baganuur is the main stop for tourists traveling to the western provinces, thus the local economy has developed significantly. Choidorj wants to upgrade the kitchen facilities and renovate the dining halls to serve the increasing number of customers. 

      Company nameIkh Chonos LLC
      CEOChoidorj Buyandelger
      Founded2004-05-29
      LocationBaganuur City
      SectorServices
      Turnover€374,418.86
      Employees25

      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 Ikh Chonos LLC

      JOBCO bv
      Joop Singeling
      Jan Okken
      Ton Schroer
      Jan van Munster
      + and another
      123
      investors