Mrs. Rorn Choem Village Bank Loan Group
Mrs. Rorn C. is the village bank president. She and her husband, Mr. Yuon Vai, are farmers who owns 2.5-hectare (6.25-acre) field of land on which they cultivate rice to earn a living.
With this plantation, they do not have enough money to hire a laborer with two oxen to plow the field and they do not have rice seed yet. Thus, Mrs. Rorn C. decided to request a loan to pay for plowing and to buy rice seed to grow on the paddy field. She hopes to increase her income and improve the family living conditions with this loan.
Mrs. Rorn C. is 38 years old and is the mother of five children, two of whom are laborers while another two are attending the local school and the youngest one is too young to work or study.
All the members in this group loan have end-of-term (EoT) loans so they are not required to pay any principal on the loan until the very end of the loans term. EoT loans are AMK’s main product because they are the most beneficial to Cambodia’s poor. EoT loans allow them to repay portions of the principal whenever they are financially able to. Most clients start to make their payments many months before the end of the loan term. Almost all of AMK’s clients make their payments on time. AMK has a delinquency rate of only 0.09% and a default rate of 0% on Kiva.
About AMKAngkor Microfinance Kampuchea (AMK) is a leading microfinance institution in Cambodia with a wide reach of operations. AMK works with over 6,000 villages and serves clients in every Cambodian province. With an average loan size of US$115, AMK’s focus is to provide credit and savings products to the very poor in rural areas. For more information, please visit AMK's website.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid