Ey received her first loan from Kiva's partner, VisionFund, in 2009 and she completely repaid it. The loan has helped her to run her grocery store successfully and to send her sons to school regularly. Currently, she earns more than US$5 per day and is able to save around US$4 per day for her family. Now Ey and her group member Em are applying for another loan from VisionFund for KHR1,400,000 each. As the leader, she plans to use the entire loan to buy piglets for her new business. This loan will enable her to start up a new business to make her living conditions even better and also to keep her sons in school.
About VisionFund CambodiaVisionFund 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.
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Success!! The loan was 100% repaid