Ganzul N. is a 27 year old young lady who lives with her mother in a traditional Mongolian nomadic home tent, and fence in the Uvurhangai province of Mongolia. Her mother, Tsedevsuren, is 66 years old and retired. Ganzul operates a barber shop in a rented space. Her work place is located next to a public bath house and attracts many customers. She has been working as a hairdresser since 2005. Her business has grown steadily over the years due to her loyal customers. After many years of owing this business, she has gained not only significant experience as a hairdresser, but also a wide-ranging customer base. For the future, she hopes to continue her business with stable operation and have her own hair salon. Ganzul is requesting a 500,000 MNT loan in order to purchase necessary equipment, materials and tools from Ulaanbaatar, the capital city of Mongolia.
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.