Lhagvadulam is 26 years old and lives with her husband and three kids in a ger (a Mongolian yurt) in Ulaanbaatar City, Mongolia. Her husband helps with her business, her elder two kids are school students, and the younger one is a kindergarten student. She started her hairdressing business in 2009 by renting a hair salon. Because her hairdressing business can be managed by her husband, she rented a grocery store to increase her family income; however, she does not have quite enough supplies to run it and she needs a vehicle to run her businesses efficiently. She is requesting 3,800,000 MNT to buy freezer, some grocery products and a car.
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.