The main source of his family’s income is rice farming, which they have done for forty years. Porm is also a village chief in a village in Sangke district, a district in Battambang province. This agribusiness earns him about KHR 36,000 per day and allows him to save about KHR 10,000 each day after offsetting daily expenses. Drought is the main challenge for his rice business.
Porm has been with VisionFund for two cycles, while his fellow female member is new to VisionFund. The past loans have helped to run his business well.
Now he is leading a group of two to apply for a loan. Porm, who is the leader, will use his portion to buy fertilizers and rice seeds for his farmland.
He expects that this loan will allow him to grow fruitful crops, so as to improve his family's standard of living and keep his 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