Uranchimeg is 26 years old and lives with her husband and two children in a ger (a Mongolian yurt) in Dundgovi province, Mongolia. Her husband is unemployed and their two children are kindergarten students. She started her hairdressing business in 2004.
Uranchimeg is a certified professional hairdresser who is well-known around the neighborhood. However, her hairdressing equipment is old and her customers are unsatisfied. She is a sharp and hard-working woman who says, "My business is in a very vulnerable place. Since my income is the only income in the family, I need to make it right as soon as possible". She's requesting 3,500,000 MNT to buy new equipment and a large quantity of hair dye and hair cream.
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.