funding gap emerging markets
Mongolia

Davaasambuu 2

  • Golomt Bank
  • Local partner investment
  • + 111 other investors
  • With a second loan of EUR 32,000 Davaasambuu will be able to purchase goods for his new supermarket branch in Ulaangom.

    €32,000
    Amount
    3.00%
    Interest
    48 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€32,000
    Interest3.00%
    Maturity48 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 6 days on 18 September 2019.
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      Summary

      Davaasambuu S. (52) is a local businessman from Uvs province, who majored in agriculture and graduated from a Russian university in 1987. During 1987-1992, he worked as a soil specialist in Uvs province. Then since 1998, Davaasambuu began his entrepreneurship; in 2008, he opened his first grocery store in capital city of the province. During the years, the store has been expanded in size and inventory. Not it sells various consumer products, and currently employes 5 local residents.

      Davaasambuu’s grocery store has been operating successfully since its establishment, and the sales has doubled during the annual year of 2017-2018. Due to increased local population, the market demand has risen significantly. Thus, he plans to build a new supermarket in downtown of the province. Davaasambuu has contracted with “Urgoo Architech” LLC for the construction of supermarket.

      With an opening of new store, he will hire 4 empoyees: 2 cashiers, 2 warehouse clerks. 

      Company nameDavaasambuu 2
      CEODavaasambuu Sukhbaatar
      Founded2008-08-12
      LocationUlaangom, Uvs province
      SectorWholesale / Retail
      Turnover€149,903
      Employees5

      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 4 jobs are created
      • With this investment 20 people are reached

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      We have already contributed for Davaasambuu 2

      Jeroen Rust
      Jos Schreur
      Bram Berkelmans
      Aad Nootebos
      Olaf Janssen
      + and another
      111
      investors