funding gap emerging markets
Mongolia

Grandwork International LLC

  • Golomt Bank
  • Local partner investment
  • + 104 other investors
  • With a loan of EUR 41,600 Ganbaatar will be able to purchase inventory for one of his computer stores in Mongolia.

    €41,600
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€41,600
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 2 days on 24 January 2019.
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      Summary

      Ganbaatar Ch. (41) graduated from the University of Technology and Science of Mongolia in 1995, majoring in software programming. After graduation, he worked as an IT engineer for 12 years at a small local company. Later in 2011, he began his entrepreneurship and established his own company “Grandwork international LLC.” The company sells office and personal computers and various computer accessories. Now, the company has 3 employees and operates in 2 branches located in Ulaanbaatar city.

      The usage of personal computers in Mongolia has been dramatically increasing during the last decade. Especially, demand for affordable computers is steadily growing among high school and university students. Ganbaatar is planning to import affordable personal and office computers from China and South Korea to meet the local demand. In order to supply local buyers, he aims to buy a decent amount of inventory and to hire 2 more sales assistants at the store.

      However, he is in short of finance to purchase additional inventory for his 2 stores. With a loan amount of MNT 250 million, Ganbaatar can add sufficient inventory for his 2 branches of the store and will be able to supply computers with reasonable prices to the local customers.

       

      Company nameGrandwork International LLC
      CEOGanbaatar Choidor
      Founded2011-01-04
      LocationUlaanbaatar
      SectorWholesale / Retail
      Turnover€512,402.51
      Employees3

      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 Grandwork International LLC

      Liesbeth Dorama
      rits dijkstra
      Joop Singeling
      Danny Honig
      Marco Mansveld
      + and another
      104
      investors