Ulaanbaatar
Micro Businesses Emphasize the Importance of Business Incubation Services
Society
Ulaanbaatar, March 27, 2025 /MONTSAME/. Under the Micro Entrepreneurship Support Program, loans totaling MNT 13.8 billion were provided to 579 projects in Mongolia last year with the funding of the International Development Association.
Internationally, micro and small businesses receive support through business incubation services. A discussion was held on the role and importance of these services in stabilizing and developing micro and small enterprises. At the discussion, recipients of small loans emphasized the need to update the previously implemented program to align with current conditions and ensure the sustainability of financing. The participants expressed their willingness to share their knowledge and experience and to collaborate in this effort.
Representatives from the Mongolian Employers' Federation, the Confederation of Mongolian Trade Unions, the Mongolian National Association of Business Incubators, the Start-up Mongolia NGO, the Mongolian Development Solution NGO, university lecturers, and representatives from the Mongolian National Technology Park and the Mongolian Academy of Sciences participated in the discussion. The participants suggested that the revised draft Law on Employment Services should be reviewed by professional institutions and that regulations on business incubation services should be properly incorporated into the draft law, according to the Minister of Family, Labor, and Social Protection.
