She has engaged in this business for eight years and is able to earn about 13,000 KHR per day. For her and two of her co-members, this is their second cycle. The other member of their group has just joined VisionFund this cycle. She has succeeded in paying back the entire first loan which has helped her set aside some money to run a small stall selling grocery items.
Now, she is leading a group with three other members and applying for a new loan. Sokleap will use her loan portion to buy fertilizer for the cassava field and rice-farm. She hopes to grow her cassava healthily and sell it at a good price so that she can maintain a good lifestyle 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