SMALL AND MEDIUM ENTERPRISES IN THE CAPITAL CITY WILL BE SUPPORTED BY 100 BILLION FINANCING PROJECT WHICH IS TO BE IMPLEMENTED

Within the framework of public-private partnership, Small and Medium Enterprise and Service Support Center in Ulaanbaatar city and Bogd Bank have announced a 100 billion MNT loan financing project for small and medium enterprises.

The Small and Medium Enterprises and Services Support Center in Ulaanbaatar city is main factor for the key social and economic sectors in Mongolia and accounting for 67.2 percent of the Mongolian labor market and 44 percent of 674,546,000 employers of total population of Ulaanbaatar city.

The 3rd year of Covid-19 epidemic is happening now around the world. During this period, more than 90 percent of all SMEs have been affected by the pandemic, their incomes have fallen , they have lost their jobs and 14 percent have ceased their business . Therefore, a press conference is held the “Small and Medium Enterprise and Service Support Center of the Capital City” has been cooperating with Bogd Bank since September 2021 to implement the program in order to support the financial support of SMEs affected by the pandemic.

While SMEs have a poor loan history during the pandemic, and most of them have not been able to get loans and assistance due to lack of collateral, the current financing program is characterized by flexibility and prompt resolution.Today, D.Sumyaabazar, the Mayor of Ulaanbaatar and the Governor of the Capital City, G.Gangamurun, the Head of the Small and Medium Enterprises and Service Support Center of the Capital City, and G.Saruul, the Executive Director of Bogd Bank made their statement on this issue . The loan program is unique and it is tailored to the diversity of SMEs.

Loans to support women –owned enterprises- 70% of all SMEs in the capital city are women-owned enterprises.

Collateral Business Loans - For the first time, SMEs have been granted Collateral Business Loans for enterprises who unable to obtain assistance due to lack of collateral.

POS (Point of sale terminal) Income Business Loan - It is possible quickly to issue a POS income collateral business loan which is based on the POS income of a small and medium-sized business

Car loan business loan service which specialized for SMEs - SME loan has a unique advantage that SMEs can get a soft loan by collateralizing their car that does not require real estate collateral.