NB: the interest rate on this project is temporarily 3%. Normally, the interest rate on a Golomt project with a tenor of 24 months is 2.5%.
Bayarjargal (39), a father of 2, has been always concerned about the fact that his children breath in heavy smog every winter. All he can do to fight air pollution was to mitigate the vehicle emissions by selling high quality, fuel efficient motor oils.
Bayarjargal has been working as an engineer in the auto repair industry for the last 15 years and established his own trade company named “New Bogat” to sell spare parts of automobile and motor oil, which are fuel efficient and environmentally friendly products. The company sells car fluids that reduce the annual dosage of vehicle oil consumption and the amount of oil disposal by extending the engine life-time. With good quality and an affordable price, demands for the products are quite high.
As the country develops at fast pace, the number of vehicles in urban cities doubled in the past 5 years and vehicle-exhausted emissions became a significant source of air pollution in Ulaanbaatar city, which is now the one of the most polluted cities in the world. Due to low income, many people buy second hand cars with inefficient, outdated engines that release large amounts of harmful emissions. During winter time, low quality motor oils cause incomplete engine burns which release even more harmful emissions in the air.
In order to meet the market demand, the company is seeking for a loan of EUR 50,350 to increase the sales and hire 2 additional employees.
Local partner Golomt provides this loan with a maturity of 24 months.