She has been in rice farming on two hectares of farmland and has been supplementing the family’s income through raising pigs for eight years to make a living.
The current business earns her approximately KHR 20,000 per day and she manages to save about KHR 5,000 each day after daily expenses. Low crop yield caused by the drought is the main challenge for her business.
This is the second loan cycle for Mom’s group with Kiva’s partner, VisionFund. She completely paid back the past loan, which has helped her to better support the family.
Now she and her group members are asking for a new loan in the amount of KHR 1,200,000 each. As the leader, Mom is going to use her portion to buy fertilizers and rice seeds for her farmland and use a portion of it to buy piglets for raising. She hopes this loan will enable her to increase her income from the current businesses so as to improve her lifestyle.
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