Sol is a rice farmer on 12 hectares of farmland. He has been in this business for 20 years. To earn extra income, he also works as a paid worker in a local area to support his family’s needs. Sol can earn approximately KHR 11,100 per day. The main challenge of his family's business is crop yields ruined by flood.
Sol’s group consists of two members. They have been with VisionFund for four cycles and successfully paid back the past loans. Sol has successfully used the loans to relieve his family's burden and improve his livelihood.
Now Sol is leading his group to apply for a loan with VisionFund of KHR 1,400,000 each. As the group leader, he is going to use his portion to buy fertilizers for his farmland. He hopes to increase his crop yields so as to increase his family's income to improve his living standard.
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