Pov just joined VisionFund last year, in 2011. She successfully paid back the entire loan and has managed to improve her living standards and keep her children in school. Now she and her group consisting of other two members are requesting a new loan of KHR 1,000,000. As the group leader, she will use the entire loan to buy fertilizer and hire a laborer to plow her cornfield. She hopes that her corn will produce a bigger yield. As a result she will be able to earn more income and save some money to buy a motorbike to transport her corn to the market, and also to have a decent food.
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