In the last ten years, I worked as a CFO and from 2014 to 2016 as a CEO at Mongolian Mortgage Corporation LLC (MMC), and since 2017, I have established a private company of my own called “Naran Petroleum.”
Even though I have gained all the necessary business experiences, financial knowledge, and skills when running a business during my time at MMC, one of the top 5 leading companies in Mongolia, my newly established company had some issues when it came to acquiring sufficient funding. TransBank granted our very first current asset loan. In terms of loan issuance period, interest rate, and collateral requirements, the banks’ decision-making process was prompt, and offerings were flexible and favorable compared to other banks.
When newly established companies request bank loans, they must present their 5-10 year business plan and specific goals. Also, it is essential that the company’s operation and detailed financial and cash flow plans are carefully reviewed and analyzed by the risk management team.