Bayarmaa is 53 years old and lives with her son and husband in a two-room apartment in Han-Uul district of Ulaanbaatar city, Mongolia. Her husband is currently in South Korea, visiting their eldest son. She started her business, a tailor and fashion salon, about 4 years ago. Beforehand she used to work at the Mongolian Fashion Palace as a designer. She has many years of experience.
Bayarmaa is a diligent and hard working woman who says "Although I had good work as a designer at Fashion Palace, it was my dream to have my own business and start it. But now, I have many regular clients who come here often to receive my service. I am glad I did it." She receives uniform orders from Nachin Zaan, non-bank financial institution. She is requesting a 3,000,000 MNT loan to purchase more sewing materials and cloth for the uniforms.
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.