MongoliaBayarsaikhan
With an amount of EUR 33,150 Bayarsaikhan will be able to buy the needed inventory for his shop and hire 2 more sales assistants.
€33,150
3.00%
48 months
6 months
EUR
Currency| Amount | €33,150 |
| Interest | 3.00% |
| Maturity | 48 months |
| Repayments | 6 months |
| Currency | EUR |
The project
Bayarsaikhan (56), is a local entrepreneur who has established his business in 2010. He began his business by opening an internet café at one of the “ger” district area, Bayankhoshuu. The internet café has become very popular among the local residents, as they have limited internet access at their homes. Later in 2017, Bayarsaikhan expanded his business by opening a new convenience shop next his internet café. Now, he has 2 employees at the internet café and 1 employee at the newly opened shop.
Bayarsaikhan operates his business in Bayankhoshuu “ger” district which is located in the north area of Ulaanbaatar city. The local residents are not easily accessible to the big markets and shops because these places are mostly located at the center of the city. Therefore, Bayarsaikhan aspires to purchase variety of consumer goods to provide with the demanded products of local residents.
| Company name | Golomt Bank |
| CEO | Bayarsaikhan Yandaakhuu |
| Founded | 2010-03-27 |
| Location | Ulaanbaatar |
| Sector | Wholesale / Retail |
| Turnover | €72,466.81 |
| Employees | 3 |
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 8 lives are improved
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We have already contributed to Bayarsaikhan
Poul BrandsCees van IperenJohan FeddemaRalph van BaarenLot Hagenaars