Chreb has been in the rice business for 13 years and is able to earn almost 16,000 Cambodian riels (KHR). She has been with VisionFund for five cycles and paid back her entire loan with success. The past loans have helped her to provide timely support for her business and thus earn a decent income. As a result, she can buy chickens and pigs to raise for extra income.
In order to boost her yield and keep making good progress with her business, Chreb formed a group of three women to seek a new loan. Chreb is seeking 800,000 KHR, while her two fellow members are applying for 1,000,000 KHR each. As the group leader, Chreb will use her portion of the loan to buy fertilizer to boost her yield. She expects to maximize her production so she can maintain her standard of living.
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