A loan of $350 helped to purchase haircutting equipment.


Tsengel's story

Tsengel J. is a 21-year-old woman who lives with her parents and two youngest siblings in Bayanhongor Province, one of Mongolia's central provinces. She graduated her high school in 2005. After her high school graduation, she decided to learn how to haircut. She took a training course in haircutting and interned at the local barbershop for a year. She launched her barbershop in 2007 by renting a small space in a local barbershop. As she became recognized by local customers, she decided to move on by herself and opened her own barbershop. She now rents some commercial space and runs her haircutting business. She says that she enjoys running her business and would like to see herself as well as her business to grow fast. She requests a loan to purchase haircutting equipment. About XacBank XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save. To get regular updates from XacBank, please join our lending team: http://www.kiva.org/team/xacbank_mongolia To lend to more Mongolian borrowers, please click here



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