Amarjargal S. is 34-year-old married woman with one daughter. She has been living with her husband and daughter in the Uvurhangai province of Mongolia for 11 years. She and her family live in a "ger," a traditional Mongolian housing tent. Her husband works as a driver in the Umnugobi province while the daughter attends a local secondary school.
Amarjargal operates a hair salon in her town with several business partners. They share the rent of a rented room to operate their salon. Oyuntsetseg started to work as a hairdresser in 2002 after graduating vocational training as a hairdresser in 2000. Since then, her business has grown steadily over the years and is a popular salon in the area. She was able to expand her business by purchasing a new chair and mirror for her salon in 2005. Over the years, all her equipment and tools have deteriorated due to long usage; therefore, she needs more funds to renew those items. She is a very accurate and optimistic person and is requesting a 2,000,000 Mongolian tugriks loan to purchase necessary tools and equipment for her 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.