Chimedregzen R. lives with her husband and four children in Ulaanbaatar, the capital city of Mongolia. She and her family live in an apartment that is mortgaged through the bank. Her husband is self-employed and runs a private business. Her oldest daughter lives on her own and helps in her mother's business, while her older son works as an electrical engineer. Her two younger daughters attend a local secondary school. Chimedregzen works very hard and is a clever woman.
Chimedregzen operates a hair and beauty salon named "Anhiluun" in Ulaanbaatar. She started the salon in 1990 with only two hairdressers in Hovd Province. Her business grew quickly over the years, and her number of employees increased to eight hairdressers. Her business is in a popular spot that attracts many customers. She is requesting a 1,500,000 MNT loan to purchase more equipment, tools and beauty products 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.