Sarantuya J. is 26 years old and lives with her husband and four-year-old son in Hovd province of western Mongolia. She and her family live together in an apartment. Her husband is currently working in a thermal power station as an engineer. They are a young couple. Sarantuya has been working as a hairdresser at a hair salon since 2008 and has gained much experience. She plans to open her own cosmetics shop. Sarantuya is a clever woman and works very hard. She is requesting a 2,000,000 MNT loan to purchase cosmetic products for her newly opened cosmetics shop.
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.