MongoliaImpact+ Golomt 2019-1 (Munkh)
With a loan of EUR 17,500 Golomt Bank will be able to finance small and medium enterprises in Mongolia.
€17,500
3.00%
48 months
6 months
EUR
Currency| Amount | €17,500 |
| Interest | 3.00% |
| Maturity | 48 months |
| Repayments | 6 months |
| Currency | EUR |
The project
Investments via Impact+ are direct investments in financial institutions and/or companies and cannot be related to specific projects.
With a loan of EUR 17,500 Golomt Bank will be able to finance small and medium enterprises in Mongolia.
| Company name | Golomt Bank |
| CEO | Mr Ganzorig |
| Founded | 1995-01-01 |
| Location | Ulaanbaatar |
| Sector | Wholesale / Retail |
| Turnover | €4,336,360 |
| Employees | 700 |
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 5 jobs are created
- With this investment 25 lives are improved