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.
