Loeurng is a rice farmer, farming on two hectares of farmland for almost twenty years to support her family. The current business earns her about KHR 10,000 per day to meet the family’s needs. Loeurng’s group consists of four female members; this is the first microloan for all the members in this group with Kiva partner VisionFund and all of them are applying for a new loan of KHR1,000,000 each. Loeurng is going to use her portion to buy fertilizer and to pay for plowing fees for her farmland. She hopes that this loan will enable her to earn more income so as to make a good living.
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