Women make up more than 60 percent of all SMEs operating in Mongolia. In addition, the number of women entrepreneurs including women in management positions are increasing yearly. As a result, there is a need for making financial support projects and programs more accessible for women entrepreneurs to expand and support their businesses.

Is there a favorable environment for woman to run a business in Mongolia?

1. Around the world, the legalization of the term “Women Entrepreneurs” has been incorporated into the national strategy and policy to provide support in creating a comprehensive environment for women entrepreneurs to operate successfully. In Mongolia, the similar definition is yet to be integrated into the law; however, a joint project between the Government of Mongolia and international organization is underway which will provide much needed support for women entrepreneurs to run successful businesses in Mongolia.
2. “Today, women manage the best and most stable national manufacturers in Mongolia. There is usually a female leader behind the great examples of how businesses are dealing with social issues such as hiring people with disabilities, and providing stable working environment” said Mrs. Bolormaa Luvsandorj, a member of Golomt Bank’s Board of Directors and Chairwoman of the Women Entrepreneurs Council at MNCCI, in a recent interview. This indicates that the time has come to intensify training and programs aimed for training female leaders and improving their business skills.
3. The foundation of long-term and successful business is the proper financial environment. Therefore, in addition to government support, the private sector support is the most effective way to support women entrepreneurs in the current situation.

Furthermore, though it is commendable to see the growing number of women entrepreneurs including women in management positions, there is a strong need to enhance their capacities, support their activities and provide financial assistance.

Golomt Bank has focused on this issue and initiated the “Women Entrepreneurs Empowerment Program-2021”. As part of the program, the Bank has organized series of trainings on women’s leadership skills and launched a new product “Women Entrepreneurs’ Loan.” The loan aims to support the business activities of women entrepreneurs to increase their profits and improve the quality of their products and services while allowing them to finance their working capital. Please click HERE to read more about the product.