Korn is 34 years old and a resident of the Moung Russey district of Battambang province, Cambodia. She has five children to care for. Some of her children are in school, some are still young, and one son helps with the family's business. Korn has tackled her family's need for decent food by cultivating rice on two hectares of farmland. Her husband helps in the rice field, and in his spare time he labors for others to earn money. With 10 years' experience in this business, Korn is able to earn about 24,000 KHR (approximately $5.92 USD) per day. However, she has achieved limited rice production so far this season because the water supply is low.
Korn's loan group consists of she and another female member, and both are first-time borrowers with Kiva's partner VisionFund. Korn is the group leader and is applying for a 500,000 KHR loan; her co-member is seeking 1,000,000 KHR. Korn will use her loan portion to buy fertilizer for the rice farm and to pay labor costs. She hopes to produce a better yield so she can get a good price and sustain her family's living condition.
About VisionFund Cambodia
VisionFund 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.