Sok is 52 years old, widowed, and has two children, one of whom is a dependent working in a rubber plantation factory. Having earned a living as a widowed mother, she has been farming rice as her main income source for 35 years and she supplements her income by raising pigs. The previous loans from VisionFund since 2009 have helped Sok have a regular income. Now she earns more than five U.S. dollars per day.
Sok leads a group of five female members who have been with VisionFund from one year to two years and are applying for another loan. She will use this loan to harvest her rice crop and buy a few piglets for her business. She hopes to make more rice and earn more income to make a better living.
About VisionFund Cambodia
VisionFund Cambodia is a Christian organization and microfinance institution that provides small loans and other financial services to improve the lives of children, empower poor women and their families, and grow successful businesses. The organization works primarily in rural parts of Cambodia and has distinguished itself by targeting the very poor who require smaller loan sizes, regardless of religious beliefs, gender or ethnic background.
Kiva lenders’ funds will help the organization to expand into the northeastern provinces of the country, which have historically been underserved and difficult to reach with financial services.
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.