To tackle these challenges, she is forming a group of two female members to seek a new loan. For this cycle, she is the fifth loan cycle and her member is the third loan cycle with Kiva partner VisionFund. The past loans, which she has completely repaid back, have helped her manage her standard of living and helped her husband’s business (buying a high ladder for climbing palm trees and the containers for storing palm juice).
Now, both of them are seeking a new loan of 1,000,000 KHR. Yoeurn, as the leader, will use her loan portion to buy fertilizer for her farmland. She expects to grow her crop timely so as to earn more income in order to save some money to build a new decent house for her family.
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