Oyunchimeg B. is 47 years old and lives with her husband and 25-year-old daughter in Tuv province in central Mongolia. She and her family live in a ger, a traditional Mongolian housing tent. Her husband works as a driver for the local main hospital while her daughter is a doctor in the same hospital.
Oyunchimeg operates a hair and beauty salon in her town along with four of her partners. They share the rent of a rented room to operate their salon named " Nahia Uschin". She has been working as a hairdresser since 1982 and has developed much experience. Her earnings have enabled her not only to provide for her family but also to pay her three children's tuition fees. She says, "I would like to open my own beauty and hair salon in the future." She is requesting a 2,500,000 MNT loan to purchase necessary supplies such as gel, foam, cream, hair color, etc. for her hair 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.