Business women’s loan application rejected due to ‘exhausted funds’

...Women entrepreneurs really believed that their application was denied because their proposal wasn’t

qualified when in fact, high-ranking state officials and their relatives had used up all the loans...

that the fund had spent all of its financing or the proposal was rejected. A large portion of these women had applied for a four to seven-year loans worth between 15 million MNT and 2.5 billion MNT.

“These women entrepreneurs really believed that their application was denied because their proposal wasn’t qualified, the financing was exhausted, or they lacked in some way when in fact, high-ranking state officials and their relatives had used up all the loans,” said Sh.Ariunaa.

Addressing this “unfair” and “unjust” issue, Sh.Ariunaa put forward three demands to the president on behalf of the Association to Support Mongolian Women's Labor.

The three demands were as follows:

1. Identify who received SME Fund loans and check if they were selected fairly.

2. Draw a comparison between accepted and rejected projects.

3. Revise legislation regulating government financial operations.

The Association to Support Mongolian Women's Labor met with President of Mongolia Kh.Battulga to complain about the Small and Medium Enterprises (SME) Development Fund on November 13.

After sharing some insights on the employment of women in Mongolia, President of the association Sh.Ariunaa stressed that the majority of women entrepreneurs who applied for a loan from the SME fund were rejected under grounds

Other representatives of women entrepreneurs also proposed similar demands to President Kh.Battulga.