funding gap emerging markets
Mongolia

Dugeree

  • Golomt Bank
  • Local partner investment
  • + 24 other investors
  • With a loan amount of EUR 8,700, Dugeree will be able to expand his business and open a new branch in Baganuur district.

    €8,700
    Amount
    2.50%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€8,700
    Interest2.50%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 3 days on 7 September 2018.
      Choose amount
      Invest from €50
      Average investment
      Based on all Lendahand historical investments
      Complete funding
      Project will be fully funded

      Summary

      In 1984, Dugeree (62) has graduated from Polytechnic College in Irkutsk city of Russia as a mechanic. After graduation, he moved back to Mongolia and worked in Public Utilities Service Center of Baganuur District. Becoming more interested in entrepreneurship than his profession, he has established his “Esun Satsal” company in 1996. At first, the company sold variety of consumer products, and later in 2003, it has opened a new clothing shop in the district. Now, the shop has broadened to a specialized store which sells men and women clothing, shoes, camping equipment and apparel.

      Dugeree operates his business in Baganuur which is one of the remote districts of Ulaanbaatar. However, in recent years, the population of the district has significantly increased, and urban developments have been constructed. Also, as Baganuur is a west end of the capital city, tourists traveling to west provinces of the country pass by the district. Therefore, the market demand of clothing apparels for local citizens, and camping utilities for travelers keeps rising. Dugeree plans to open a new branch of the store to meet the increasing local demand.

      With a loan amount of MNT 25 million, he will be able to expand his business and open a new branch in Baganuur district. He will hire 2 more employees as sales assistants for the new store.

      Company nameDugeree
      CEODugeree Janjin
      Founded1996-01-01
      LocationUlaanbaatar
      SectorWholesale / Retail
      Turnover€56,641.74
      Employees2

      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 people are reached

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      Sorry! You must be logged in to view this page.

      We have already contributed for Dugeree

      Luella van Turnhout
      Arne Driessen
      + and another
      24
      investors