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funding gap emerging markets
Mongolia

Sweet Raisins LLC

  • Golomt Bank
  • Invest in a Financial Institution
  • + 114 other investors
  • With a loan of EUR 40,700 Bazarragchaa and Altanshagai will be able to expand their packaging and distribution company and hire three more employees.

    €40,700
    Amount
    2.50%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€40,700
    Interest2.50%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 20 days on 15 July 2019.

      Summary

      Sweet Raisins LLC was established in 2017 by a young family; Bazarragchaa (husband) and Altanshagai (wife). The main operation of the company is the packaging and distribution of food preparation ingredients, such as fruits and vegetables, to food production factories and restaurants. Right now, the company has 6 employees and 2 trucks for delivery. The company has been operating successfully since its foundation and has high demand for its good quality and reasonably priced products.

      Sweet Raisins LLC has recently signed a supply contract with a food production company that prepares lunch sets for public elementary schools. Thus, the company needs to increase its production capacity and purchase inventories to supply the required products. With a loan amount of EUR 40,700, Sweet Raisins LLC will be able to meet the raised demand of the contractors. The family is going to hire 3 more employees: 1 sales assistant and 2 distributors.

      Local partner Golomt Bank will provide the loan, which has to be repaid in 24 months

      Company nameSweet Raisins LLC
      CEOAltanshagai Munkh-Erdene
      Founded2017-06-07
      LocationUlaanbaatar
      SectorDistribution and Processing
      Turnover€352,035.12
      Employees6

      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 3 jobs are created
      • With this investment 15 lives are improved

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      We have already contributed to Sweet Raisins LLC

      Ron van Eijk
      Jan Okken
      Thomas Maas
      Jan de Wit
      Jan van Munster
      + and another
      114
      investors