Oyunchimeg is 29 years old and lives with her son and grandmother in Songinohairhan district, Ulaanbaatar, the capital of Mongolia. Her son attends a local primary school. They live in a house which they own and they have a decent standard of living. She finished a vocational school with a bachelor's degree as a hair stylist and beautician and began operating a hair salon in 2001. Her hair salon is located on the outskirts of the city where there are not many salons. Therefore, she has many regular customers in her area.
She is planning to expand her hair salon to include beauty services. She is a hard-working and initiative person who says, " I would like to provide hairdressing and beauty services to the residents of this semi-urban area at a reasonable price." She is requesting a loan of 2,000,000 MNT to enlarge her current salon and purchase some equipment in order to operate a beauty service, too.
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.