MongoliaBurenjargal Monkhor 1
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
3.00%
48 months
6 months
EUR
Currency| Amount | €60,000 |
| Interest | 3.00% |
| Maturity | 48 months |
| Repayments | 6 months |
| Currency | EUR |
The project
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 name | Golomt Bank |
| CEO | Burenjargal Monkhor |
| Founded | 1998-12-11 |
| Location | Sainshand, Dornogovi |
| Sector | Wholesale / Retail |
| Turnover | €321,756.79 |
| 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 2 jobs are created
- With this investment 10 lives are improved
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We have already contributed to Burenjargal Monkhor 1
Jeroen RustLot HagenaarsAnnelies BraakmanGert BaasRalph van Baaren