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C. Boldmaa is 37 years old and lives with her husband and two sons in a house in Bayanhongor province, Mongolia. Her older son is a university student, her younger is in high school and her husband works as a taxi driver. Boldmaa operates a small hair salon in her town. She opened her business in 1997 in partnership with a close friend. She and her friend, who is also a hairdresser, started their business out of a small rented workspace.

Over the years, Boldmaa has grown her business into a successful and stable operation. In 2005, she used her savings to buy her own workplace. At this time she also gave her salon a name, "HANA". She has continued her success since 2005 and has since hired four more hairdressers to keep up with demand.

Boldmaa works hard to provide quality service to her many customers and hopes to continue her success in the future. She is requesting a 2,245,000 tugrug (~1580 USD) loan to purchase styling equipment and supplies for her salon.

About XacBank

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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Additional Information

About XacBank

This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,456.1
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,550 helped Boldmaa to purchase styling equipment and supplies.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Nov 23, 2009
Dec 11, 2009
Currency Exchange Loss:
Oct 15, 2010