She has struggled to feed her children by selling fishes in the local area. Phal has been in this business for 15 years and she is able to earn approximately KHR 388,900 per day from her current business.
Phal is leading her group to apply for a loan with VisionFund. Her group consists of three members who live in the same village in Battambang province’s Ek Phnom district of Cambodia. She has been with Kiva's partner, VisionFund, for six cycles. For the other members, this is the first and the sixth cycle.
She will use her portion to buy more fishes for selling. She hopes this loan will enable her to increase her family's income in order to improve her lifestyle and keep her daughter 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