Chantha’s group consists of four members who live in the same village; Chantha and two fellow group members have been with VisionFund for one cycle while the remaining member has been with VisionFund for two cycles. Chantha completely paid back the past loan which has helped him with sufficient food and has supported his child in school. Now he and his group members are applying for the same loan amount, KHR 1,000,000 each. Chantha is going to use his portion to buy fertilizer and rice seed for his farmland and use a portion of it to pay for plowing. He hopes to increase his income from the current business so as to improve his family’s living standard.
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