funding gap emerging markets
Mongolia

Choibalsan Cargo

  • Golomt Bank
  • Local partner investment
  • + 59 other investors
  • With a loan of EUR 23,850 Gankhyag will be able to open the new store with variety of construction products.

    €23,850
    Amount
    2.50%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€23,850
    Interest2.50%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 2 days on 15 September 2018.
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      Summary

      In 2000, Gankhyag (38), founded his business in international trade of raw materials in Dornod province. Later in 2008, he broadened his business into an international freight, partnering with his friend Bas-Erdene. Operating in international trade and freight for over a decade, Gankhuyag discovered a business opportunity in sales of construction materials, and in 2014, he established his company “Choibalsan Cargo” LLC. Now, the company runs a construction materials store in Dornod province, which sells variety of roofing, plumbing, and flooring materials, panels, lightings etc. Currently, the company has total of 4 employees.

      Gankhuyag founded his business in Dornod province which is located at the east side of the country and borders with Russia and China. Due to an economically favorable location, international trade has been significantly developed in the province, especially construction materials trade. As construction sector of the country is intensely developing, a demand for broad range of construction materials has been increasing throughout the country. Therefore, Gankhuyag plans to expand his business and open a new branch of the store in Dornod province.

      With a loan amount of MNT 68 million, he will be able to open the new store with variety of construction products. He will hire 4 more employees as sales assistants and loaders for the new store.

      Company nameChoibalsan Cargo
      CEOGankhuyag Norov
      Founded2014-01-01
      LocationChoibalsan, Dornod
      SectorWholesale / Retail
      Turnover€192,704.55
      Employees4

      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 4 jobs are created
      • With this investment 20 people are reached

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      We have already contributed for Choibalsan Cargo

      Piet van der Kooi
      Jos Dingemans
      Erik Hamelink
      Lot Hagenaars
      Peter Mahler
      + and another
      59
      investors