The Trade and Development Bank, in partnership with the Ulaanbaatar Support Center for Small and Medium-sized Enterprises and Services, and the Loan Guarantee Fund, will implement a program to provide financial funding to SMEs in Ulaanbaatar. On November 12, 2024, the parties officially reviewed and approved the program's "Agreement on financial support for small and medium-sized enterprises and service providers in Ulaanbaatar".
The purpose of this activity is to provide loans with low interest rates and preferential terms to SMEs as part within the framework of the "Measure Plan to Increase the Competitiveness of Small and Medium-sized Enterprises and Service Providers of Ulaanbaatar City" implemented by Capital's Small and Medium Enterprises Office, as well as to make a significant contribution to the economy. Additionally, in the first part of the program, small and medium-sized enterprises (SMEs) have to participate in "Training and consulting services to increase competitiveness" jointly with the Ministry of Education, Culture, Sports, Science and Technology, and the German Association for International Cooperation /GIZ/. This course will teach them about contract law and legal rules, as well as how to create a company strategy, organize their activities, take advantage of investment opportunities, develop a brand, conduct market research, and negotiate contracts.
The Trade and Development Bank will grant concessional loans to SMEs with real needs as part of its goal of supporting small and medium-sized businesses through this program. This will be a big step toward increasing the competitiveness and economic potential of SMEs in the market and contributing to the policies implemented by the state in the financial sector.