Ashigbayar is 25 years old and lives with his parents in a ger (a Mongolian yurt) in the Umnugobi province of Mongolia. He manages a hair salon in his town, which he started in 2007, with the help of his younger brother. He is a hardworking man who says, "I am planning to expand my business and to buy new equipment for it." He is requesting a 900,000 MNT loan to purchase beauty products for his 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.