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funding gap emerging markets
Mongolia

Erkhembaatar

  • Golomt Bank
  • Invest in a Financial Institution
  • + 20 other investors
  • With a loan of EUR 12,150 Erkhembaatar can redecorate his hair salon, and serve his customers with new and modern designs.

    €12,150
    Amount
    2.50%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€12,150
    Interest2.50%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 4 hours on 21 November 2018.

      Summary

      Erkhembaatar (37), is a professional barber who has been working in a hair salon since 2002. In 2013, he began his business by opening his own hair salon “Erkhem” which has variant services of hairdressing, manicure, and pedicure. Now, his salon has total of 4 hairdressers and 1 manicurist.

      “Erkhem” hair salon is located in the Bayanzurkh district of Ulaanbaatar city, which is one of the most vibrant area of the city where high number of college students live nearby. As the population of the district is increasing, a demand of daily service places is also growing. Therefore, Erkhembaatar plans to renovate the hair salon by purchasing new utilities and appliances. Also, he will hire 2 more hairdressers at the renovated hair salon.

      With a loan amount of MNT 35 million, he will be able to redecorate his hair salon, and serve his customers with new and modern designs.

      Company nameErkhembaatar
      CEOErkhembaatar Batnasan
      Founded2013-01-01
      LocationUlaanbaatar
      SectorServices
      Turnover€46,435.22
      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 2 jobs are created
      • With this investment 10 lives are improved

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      We have already contributed to Erkhembaatar

      Bas Kleijnen
      Peter Boot
      + and another
      20
      investors