Ulaanbaatar
BEST Program Closeout: Reflecting on Five Years of SME Empowerment in Mongolia
Society
Ulaanbaatar, October 25, 2024 /MONTSAME/. The official closeout event of the “Business Excellence for Sustainability and Transparency” (BEST) Program, funded by the U.S. Agency for International Development (USAID) and implemented by the Development Solutions NGO, was held today. Launched in 2019 with US$15 million in funding, the five-year initiative strengthened Mongolia's small and medium enterprises (SMEs) by providing essential training, consultancy services, and resources to improve the business environment and promote sustainable economic growth.
USAID's BEST program has transformed Mongolia's business landscape. The program supported over 5,000 businesses to secure more than $90 million (MNT 300 billion) in loans to expand while training thousands of entrepreneurs financial management, marketing, and loan documentation. These efforts fueled business growth and contributed to the creation of over 4,000 new jobs.
The program's small grant initiative, focused on rural provinces, awarded US$500,000 (MNT 1.7 billion) in grants to 176 startups and small businesses. This initiative helped small businesses overcome financial hurdles, promoted rural economic activity, and created jobs in some of the country’s most underserved areas. The BEST program also fostered collaboration among businesses, leading to the formation of NGOs that worked with local governments to develop and approve regional development strategies, ensuring continued benefits for SMEs long after the program's conclusion.
During the closeout event, attended by 250 distinguished guests, USAID Mission Director for the Philippines and Mongolia Ryan Washburn delivered remarks emphasizing the lasting impact of the program. Representatives from government organizations, business associations, commercial banks, NGOs, and beneficiary SMEs from Ulaanbaatar and 12 rural provinces attended the event. The highlights included presentations on the program’s achievements and success stories from beneficiary SMEs, and discussions on sustaining the legacy of the BEST program through continued partnerships.
For more detailed information about the BEST program and its outcomes, please visit http://www.dsmongolia.org/.
