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funding gap emerging markets
Mongolia

Fohat LLC

  • Golomt Bank
  • Invest in a Financial Institution
  • + 50 other investors
  • With a loan of EUR 12,250 Batsoyombo can add 3 more growing rooms and hire additional 1 logistic worker with a small delivery truck.

    €12,250
    Amount
    2.50%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€12,250
    Interest2.50%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 5 days on 17 April 2018.

      Summary

      Batsoyombo (29), a young entrepreneur who has been involved in small scale agricultural business has always been concerned with the food safety in Ulaanbaatar, Mongolia. As most gross products and greens are imported from China, Ulaanbaatar citizens lack nutritious fresh vegies and usually buy poor quality vegetables throughout the year. Started from the last year, his company started growing Oyster mushrooms and has already been supplying the local market with fresh and organic mushrooms.

      Located at the suburban area of Ulaanbaatar city, Batsoyombo has been growing apple trees and other fruit trees and seasonal vegetables at his garden for the last 4 years, however, with extreme climate condition and freezing winter, it was almost impossible to harvest stable yield in Mongolia. After all of those hard works and trials, he started growing vegetable that less sensitive to harsh climate condition, a mushrooms. Inside the winter green house, he has turned the basement floor of 270 square meters in to compost preparing area and growing rooms, where he is able to yield 5-10kg mushrooms daily.

      With continually growing demand from retail customers, the company has decided to increase the capacity to 25kg per day by adding 3 more growing rooms and to hire additional 1 logistic worker with a small delivery truck.

      In order to reach this goal, Batsoyombo seeks to borrow MNT 36 million and become one of the pioneers in Mushroom business in the country.

      Company nameFohat LLC
      CEOBatsoyombo Batchuluun
      Founded2010-01-01
      LocationUlaanbaatar, Mongolia
      SectorAgriculture
      Turnover€20,435.96
      Employees5

      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 1 jobs are created
      • With this investment 4 lives are improved

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      We have already contributed to Fohat LLC

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      50
      investors