Nyamaahuu D. is a 54-year-old widow who lives with her two adult sons in a 'ger', a traditional Mongolian nomadic tent, in Chingeltey district of Ulaanbaatar, the capital city of Mongolia. Her older son, Zol, is at a Science and Medical University while her younger son, Zolhuu, works as an accountant in a Petrovis company.
Nyamaahuu worked for a barber and beauty training center as a teacher between 1991-2000. She started to operate a hair salon in the Urt-Tsagaan trade center in Ulaanbaatar in 2000. She cuts both men's and women's hair. In addition, she also works as a part-time teacher in a Londa hair salon to supplement her income. For the future, she plans to open her own hair salon training center.
Nyamaahuu is requesting a 4,000,000 MNT loan in order to redecorate her hair salon into one suitable for a training center.
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.