Byambasuren is 28 years old, lives with his wife and son in a small house in Uvurhangai province of Mongolia. His son is 9 years old and attends a local primary school.
Byambasuren has been working as a hairdresser since 2003 in a local barbershop. He is very talented and well-known within the town. He is now planning to increase his sales and provide a variety of services and needs extra inventory for it. He is requesting a loan of 800,000 MNT to purchase inventory including shampoos, conditioners, masks, hair colors and other inventory in large amounts to please his clients.
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.