Jugdernamjil is 33 years old and lives with her husband and son in a ger (Mongolian nomadic tent) in Huvsgul province, Mongolia. Her husband runs a raw materials retailing business and her son goes to kindergarden. She started her small hairdressing salon in 2005. She has two very talented employees who are fast and good at their job. Her salon is the only one in a 1 km radius. Now that her business equipment is getting old, she needs to renew the equipment. She is requesting 1,000,000 MNT to buy new equipment 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.