funding gap emerging markets
Mongolia

Burenjargal Monkhor 1

  • Golomt Bank
  • Local partner investment
  • + 139 other investors
  • With a loan of EUR 60,000 Burenjargal will be able to buy a building and start the biggest branch of her beauty shop.

    €60,000
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€60,000
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 10 days on 27 December 2018.
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      Summary

      Burenjargal (44) established her business in 1998, by commuting and selling clothing and food products at the small districts of Dornogovi province. Later in 2002, she settled at Sainshand, capital city of the province, and opened her first boutique shop, which sells variety brands of clothing and shoes. In 2014, she expanded the shop by adding sales of beauty products. Now, her shop has 2 branches, both located at the largest public malls of Sainshand city.

      Dornogovi province is located at the south east part of Mongolia and is situated 480 km away from the capital city of Ulaanbaatar. Dornogovi province is one of the biggest trade zone of the country, and the local economy has been rapidly developing in recent years. As positive business environment has bloomed for local small and medium entrepreneurs, Burenjargal aspires to expand her business by opening the 3rd branch of the shop. She plans to purchase a 209 square meter commercial building, interior decorations and inventory for the new branch. Also, she will hire 2 more sales assistants for the new shop.

      Company nameBurenjargal Monkhor 1
      CEOBurenjargal Monkhor
      Founded1998-12-11
      LocationSainshand, Dornogovi
      SectorWholesale / Retail
      Turnover€321,756.79
      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

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      We have already contributed for Burenjargal Monkhor 1

      Hans Bierhuis
      Menne Glas
      Gert Baas
      Bas Kleijnen
      Lot Hagenaars
      + and another
      139
      investors