Tumennast A. is 44 years old and lives with her husband and daughter in the Central province of Mongolia in a ger, a traditional nomadic housing tent. Her daughter is going to get married soon while her husband is self-employed.
Tumennast operates a hairdresser's salon in a rented space in her town with some of her friends. They work in shifts: Two of them work before noon, while the other two work during the evening time. She began her business in 1985 and it has grown steadily over the years due to her loyal customers.
Tumennast wants one day to create her own workplace and she would like to work on her own. She has purchased a small car with her business earnings and is now trying to innovate. Tumennast is a hardworking and modest woman who is requesting a 2,400,000 Mongolian tugriks loan in order to purchase more beauty products and tools for her growing salon.
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.