News

News

IFC Mongolia report shows vast Unmet Demand for SME Financing

IFC Mongolia report shows vast Unmet Demand for SME Financing

Mongolia’s small and medium enterprises (SMEs) say limited access to finance is their biggest stumbling block to growth, with women-owned SMEs facing particular difficulties, according to a report released today by IFC, a member of the World Bank Group. More than 95 percent of SME executives interviewed need loans. Their total credit gap is 9,022 billion Mongolia tugrik ($5 billion). One quarter of that demand is from women-owned SMEs, which account for almost 40 percent of companies in Mongolia. The report, entitled “SMEs and Women-Owned SMEs in Mongolia,” was funded by the Canadian government and highlights key trends, challenges, and opportunities for SMEs in three areas: enabling environment, supply and demand prospects for financial and non-financial services, and demand for and access to finance, with a particular focus on women-owned businesses. 

Credit Risk & Scoring