From pastures to partnerships: how connections boosted a rural business

Bayarjargal Navaansuren’s business turns raw wool from herder households into finished mattresses. With the right financial support and new connections, she’s thinking far beyond Mongolia’s borders.

As chief executive officer of Madu LLC, she manages a business that produces patented natural sheep wool mattresses under the Eeltei brand. The company works with more than 400 herder households in Khovd Province, who supply the raw materials for production.

"Working with herder households is at the heart of our business," she said. "It allows us to create value from natural resources while also supporting the people who depend on livestock herding for their income."

But like many women in Mongolia, she faces barriers in accessing finance, expanding production and strengthening market visibility. She is far from major markets – even by Mongolian standards – located some 1,600 kilometers from the capital.

"One of the biggest challenges as a woman entrepreneur in Mongolia is accessing financing that matches the needs of small and growing businesses," she said. "Many women entrepreneurs face difficulties with collateral requirements, limited funding opportunities, and high business costs, especially in manufacturing."

That challenge is now being addressed by the Women Exporters in the Digital Economy (WEIDE) Fund, an initiative launched by the World Trade Organization Secretariat and the International Trade Centre in 2024, and implemented in Mongolia in partnership with the Mongolian National Chamber of Commerce and Industry.

Ms Bayarjargal is among the 265 women entrepreneurs in four countries benefiting from the WEIDE Fund, which combines grant support with financial and digital training, mentorship and access to international market opportunities. It also connects women entrepreneurs with private sector partners in each country, including members of its National Advisory Group. One of those partners is Golomt Bank, which has long supported women-led businesses in Mongolia. Golomt Bank has disbursed 1.2 trillion tugriks (about $335 million) in financing to strengthen the growth and export readiness of women-led businesses. Women represent more than half of Mongolia’s population. They account for more than 60% of small businesses and service providers, and their contribution to employment and economic growth continues to increase.

"The support from Golomt Bank and the WEIDE Fund has been very valuable for the growth and development of our business," Ms Bayarjargal said. "In addition to financial support opportunities, I also participated in training programmes organized through Golomt Bank, which helped improve my business knowledge, planning, and confidence as an entrepreneur."

Under the partnership with Golomt Bank, women entrepreneurs receive tailored financial services, including preferential loan conditions, reduced interest rates under selected schemes, exemptions from debit and credit card service fees, and broader business support.

"Enhancing the growth and development of women-owned businesses through financial support plays a significant role in reducing poverty and unemployment, creating jobs, and promoting sustainable economic growth,’ said Baigalmaa Tserenjav, Head of the SME banking division at Golomt Bank. "In addition, such support is widely recognized as contributing to the reduction of income inequality, strengthening social stability, and accelerating development across sectors."

For Ms Bayarjargal, one of the most valuable aspects of the programme has been peer learning.

"One of the most valuable parts of the training was connecting with and learning from other women entrepreneurs. Hearing their experiences, challenges, and success stories gave me inspiration and motivation to continue growing my own business with more confidence." she said.

The training also encouraged her to think beyond domestic markets.

"The training and support helped us better understand branding, financial management and business development strategies," she said. "It also encouraged us to think bigger about expanding production, improving product quality and preparing for export opportunities."

Ms Bayarjargal believes continued support for women-led businesses is essential for broader economic development.

"With the right support, women-led businesses in Mongolia can successfully grow from local enterprises into internationally competitive brands," she said.

About the WEIDE Fund

The Women Exporters in the Digital Economy (WEIDE) Fund is an initiative launched in 2024 by the WTO Secretariat and ITC. It aims to empower women entrepreneurs by helping them grow their businesses through international trade and digitalization. The Fund is supported by the United Arab Emirates, the FIFA World Cup Qatar 2022™ Legacy Fund, and the Kingdom of Bahrain.