Phoeun Proeung

Thank you for your loan. It has been disbursed to Phoeun Proeung by MAXIMA Mikroheranhvatho Co., Ltd. in Cambodia. We are excited to watch this business grow. Over the next 12 months, MAXIMA Mikroheranhvatho Co., Ltd. will be collecting repayments from this entrepreneur and posting progress updates on the Kiva website.

Chum-re-ap-sou-a from Cambodia! My name is Mark Disston and I am a Kiva Fellow based in Cambodia working with Kiva’s partner, Maxima. Thank you for your loan through Kiva to Mr. Proeung, a Maxima client and micro-entrepreneur. I recently went to visit Mr. Proeung’s home and the purpose of this journal is to update you on Mr. Proeung and the status of his business.

Many of you likely noticed that Mr. Proeung repaid his loan three months EARLY! He has had great success in his business. Mr. Proeung used your loan for $1,000 to expand his business of buying and reselling cows. He purchases cows in his village about 15km outside Phnom Penh and sells them in the outer provinces of Cambodia. Reselling cows is a capital intensive business. It costs Mr. Proeung $300 to purchase each cow and $50 in transportation expenses. With your loan Mr. Proeung is able to purchase and transport two cows every other week. Once in the outer provinces Mr. Proeung can sell each cow for approximately $400. Mr. Proeung is happy to have extra income to support his family. He uses some of the money to help his daughters go to school and achieve their goal of becoming beauticians.

Your loan is important! Without your loan, Kiva, and Maxima (Kiva’s microfinance field partner) Mr. Proeung would have had great difficulty renovating his house. Before Maxima, Mr. Proeung would have been forced to borrow money from his neighbor at a cost of 5-8% per month. This extremely high interest charge of 60-96% per year would have been a great strain on Mr. Proeung and his family.

Maxima aims to continue to assist Mr. Proeung and others like him, and empower them towards financial security and increased confidence through microloans to the Cambodian poor. Thank you for your kindness and generosity in supporting Mr. Proeung and his family!

To continue to support rural micro-entrepreneurs and lend to Maxima borrowers, please click here

To hear more stories about microfinance in Cambodia and my and others Fellowship with Kiva’s field partner, Maxima, please click here