Lhagvasuren is 36 years old and lives with her husband and two sons in a ger (Mongolian yurt) in the Sansar area of Ulaanbaatar city. Her older son, age 11, goes to a secondary school while her younger son, age 4, is in kindergarten. She manages a hair salon at a rented apartment in Ulaanbaatar city, the capital of Mongolia. She started her business in 2006 and has gained much experience. Now she has many regular customers. She is a kind woman who says, "I want to have my own apartment for my business." She is requesting a 2,000,000 MNT loan to purchase construction equipment to repair and expand her beauty 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.