MongoliaBolor Max LLC
With a loan of EUR 10,450 Bolorchuluun will be able to expand the shop and renovate the building to make it more convenient.
€10,450
3.00%
48 months
6 months
EUR
Currency| Amount | €10,450 |
| Interest | 3.00% |
| Maturity | 48 months |
| Repayments | 6 months |
| Currency | EUR |
The project
In 2016, Bolorchuluun Myagmarjalbuu, 31, established his retail shop to provide household goods in the region based on his 10 years of experience in the retail business. Bolorchuluun purchases his store goods from whole sale suppliers in the city and sells them at affordable prices through his store to the local people. His store has become the biggest regional retailer of Max Exim LLC, one of the biggest wholesale traders in Mongolia which imports over 300 consumer brands such as Papia, Supreme, Helen Harper, Lotte etc. Besides providing affordable prices to his customers, he also cares the wellbeing of his staff and their families and gives bonus for the 10% of sales performance each month.
In order to expand the little shop into a larger store, Bolorchuluun is expanding the shop area and renovating the building to make it more convenient and safe for the consumers have better shopping experience. He will hire 5 more salespeople as well. For the expansion, he is seeking to 30 million MNT. As a result of this project, the citizens of Khuvsgul will have more access to affordable household goods and improved shopping environment in the neighborhood.
| Company name | Golomt Bank |
| CEO | Bolorchuluun Myagmarjalbuu |
| Founded | 2016-01-01 |
| Location | Murun, Khuvsgul |
| Sector | Wholesale / Retail |
| Turnover | €139,212.26 |
| Employees | 2 |
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 20 lives are improved
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We have already contributed to Bolor Max LLC
Gert BaasJan van MunsterMadelien van ManenGerard de JongLot Hagenaars