Bayarmagnai B. is 39 years old and lives with her husband and two daughters in UlaanB., the capital city of Mongolia. She and her family live in a ger, a traditional Mongolian housing tent. Her husband is a self-employed. Their elder daughter is a student, and the younger daughter attends a local middle school.
Bayarmagnai operates a hair and beauty salon in her town at her own workplace. The business has grown steadily over the years and is a popular salon in the area. She says, "I would like to improve work condition so my business would attract more attention of my clients and increase the number of comers." Bayarmagnai is requesting a 3,500,000 MNT loan to purchase construction and decoration materials for her hair and beauty salon for innovation and repair.
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.