Oyumaa is 24 years old and lives with her husband and son in a ger (Mongolian nomadic tent) in Bulgan province of Mongolia. Her husband is a taxi driver. She has been renting a small space in a hairdressing salon since 2007. She has a bright vision to open her own hair salon one day. Her equipment is getting old and doesn't operate. She is a hardworking and diligent woman who says, "I had a daughter recently. I will work as hard as possible to support my son." She is requesting 800,000 MNT to purchase new equipment for her 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.