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funding gap emerging markets
Mongolia

Khuvsgul Center LLC 2

  • Golomt Bank
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  • With the second loan of EUR 53,850 Otgon-Ochir can finish the construction of the event hall and open in November 2018.

    €53,850
    Importe
    3.00%
    Interés
    48 meses
    Vencimiento
    6 meses
    Reembolsos
    EUR
    Moneda
    Importe€53,850
    Interés3.00%
    Vencimiento48 meses
    Reembolsos6 meses
    MonedaEUR
      100%
      Completamente financiado en 10 díasen 20 Septiembre 2018.

      El proyecto

      “Khuvsgul Center” LLC was established in 2000, as a subsidiary company of “Dul” LLC which is one of the first private companies in Khuvsgul province. The head company “Dul” LLC imported consumer products with good quality, and supported local citizens’ wellbeing during a sudden shift of Mongolian economy in 1990s. Today, it has branched into subsidiaries and operates successfully in farming, tourism, and hospitality.

      Otgonochir P. (48), the owner of “Khuvsgul center” LLC, graduated from the University of Science and Technology of Mongolia in 1994. Born and raised in Khuvsgul province, he has always been considerate for his hometown’s future improvements, and operates his business towards to developments of local economy. Currently, the company runs a hotel “50-100” in Murun city, which has already gained customers’ appraisal. The company has over 30 employees, and is one of the biggest private companies in the province.

      In September of 2017, Otgonochir has initiated a construction project “Munkh Khaan Event Hall.” The new building consists of 12 guest rooms, an event hall with a capacity of 600 people, VIP rooms, indoor pool and entertainment activity rooms such as karaoke and billiard. Also, it has a spacious parking lot for 200 cars and an outdoor playground for children.

      Khuvsgul province is located 671 km away from the capital city Ulaanbaatar, and has renowned for its attractive nature, beautiful lake “Khuvsgul,” and a unique ethnicity “Tsaatan” living only in the province. Throughout the years, the number of international and domestic tourists travelling to Khuvsgul province has been increasing. Additionally, a tourist season is risen not only in the summer, but in the winter, many people travel to Khuvsgul to see the admirable winter nature around the lake. Therefore, a demand for convenient hotels with diverse services and open for all seasons is significantly rising.

      However, the current construction process of the new building is at 53%, and the company is in short of investments to complete the construction. With a total loan amount of MNT 300 million, the company will be able to finish the construction and open the event hall by November, 2018. The company will hire 20 more employees near the opening, and 15 more in the long-run. Opening a big event hall with diverse services in Murun city will attract more tourists coming to Khuvsgul province, and will substantially promote a growth of the local economy.

      Nombre de la empresaGolomt Bank
      Director generalOtgon-Ochir Purev
      Fundado2000-01-01
      UbicaciónMurun, Khuvsgul
      SectorServicios
      Volumen de negocio€304,685.48
      Empleados30

      Impacto

      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.

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