Naranjargal B. is 32 years old and lives with her husband and two small children in an apartment in Baganuur, one of the remote district of Ulaanbaatar, the capital of Mongolia. Her husband works as a musician in the Military force. Her two children attend local kindergarten. Naranjargal has been working as a beautician since 2004 and has gained much experience. Naranjargal is a modest, honest and responsible woman. She says, "I would like to open my own beauty salon in the future." She is requesting a 150,000 MNT loan to purchase face massage cream, towel, and facemask for her beauty service.
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.