She has been in rice farming on one hectare of farmland and she plants corn on another hectare. She also supplements her family’s income by selling custard-apples to feed the family. Having been in this business for ten years, she is able to earn KHR 10,000 per day. However, lacking of capital for her business is still the main challenge.
Channy’s group consists of three members and she is the group leader. This is the first microloan for her with Kiva’s partner, VisonFund. Channy, who is the leader, will use her portion to buy fertilizer, rice seed, and to pay for the plowing fee for her farmland. She hopes to increase her family’s income so as to improve her living’s status.
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