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Development and Access to Finance of Small and Medium-Sized Enterprises in Mongolia
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Author(s): Gan-Ochir Doojav (Bank of Mongolia, Mongolia), Davaajargal Luvsannyam (Bank of Mongolia, Mongolia), Bilguun Sukhbaatar (Bank of Mongolia, Mongolia), Bilguunzul Sodnomdarjaa (Bank of Mongolia, Mongolia), Tsolmon Otgonbat (Bank of Mongolia, Mongolia), Khuslen Batmunkh (Bank of Mongolia, Mongolia), Munkhbayar Gantumur (Bank of Mongolia, Mongolia)and Elbegjargal Enkh-Amgalan (Bank of Mongolia, Mongolia)
Copyright: 2020
Pages: 30
Source title:
Innovative Management and Business Practices in Asia
Source Author(s)/Editor(s): Patricia Ordoñez de Pablos (The University of Oviedo, Spain), Xi Zhang (Tianjin University, China)and Kwok Tai Chui (The Open University of Hong Kong, Hong Kong)
DOI: 10.4018/978-1-7998-1566-2.ch014
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Abstract
This chapter presents a recent survey on the development and accessibility for finance of small and medium-size enterprises (SMEs) in Mongolia. The survey covers a sample of 1922 SMEs from Ulaanbaatar, the capital city, and 21 provinces. We find that banks and local government administrations are the most supportive institutions for SME development. Political instability, corruption, and labour supply, a high lending rate, short maturity loans, and service fees are perceived as the major obstacles that SMEs face in the business environment. Our results also suggest that SMEs in Mongolia are less likely to have access to external finance because of tight credit condition, potentially explaining the lack of SME growth. Implementing country-specific reform strategy for SME development covering key building blocks is needed to promote SME financial inclusion and facilitate SMEs to contribute to the economic growth.
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