Gavaadondov is 28 years old and lives with her sisters and father in a 'ger' in Uvurhangai province of Mongolia. Her older sister has a private business and her younger sister is a doctor at the local hospital. Her father builds brick fireplaces and walls and is very respected for his work in the town.
Gavaadondov attended beauty care training in 2006. However, she has worked as a beauty stylist since 1997. In April 2011, she established her own beauty salon and rented a commercial space for her new business. She took four business loans from XacBank beforehand and used them to expand her business. She already has many regular clients.
She is planning to improve her business and sell beauty and cosmetic products. She is requesting a 3,500,000 MNT loan to purchase beauty products from ICS Firm, a Korean brand, for her 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.