Dulamsuren U. is 41 years old and lives with her 16-year-old daughter in Ulaanbaatar, the capital city of Mongolia. Her daughter, Hongorzul, attends a local secondary school. Dulamsuren is a professional hairdresser. She started her business in 2001 after she moved to Ulaanbaatar. Over the years, she has expanded her business and has a loyal customer base because of her good service. With her business profit, she purchased her own plot of land with a house for her family. Dulamsuren has been planning to expand her business and renovate her equipment in the future. She is a proud mother and a very hardworking person who has been trying to provide a better life for herself and her daughter. She says, “My daughter will graduate soon from her high school, and I started saving some money for her university tuition fee. ” Dulamsuren is requesting a 500,000 tugrug (~ 365 USD) loan to purchase necessary equipment and more hair dye products at wholesales prices for her business.
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.