Rice farming on two hectares of farmland is the main source of the family’s income. Sokheng also has been supplementing the income by growing beans and sesame for ten years. Drought is the main challenge for her business.
Sokheng’s group consists of two members who are both female and live in the same village in the Moung Russey district of Battambang province. Now she and her group member are applying for the second loan cycle of KHR 1,200,000 each with Kiva partner VisionFund.
As the leader, Sokheng is going to use her portion to buy fertilizers for her farmland. She hopes to earn more income from the crop so as to improve her standard of living and keep her children 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