To support the big family, she has been engaging in farming rice on one hectare of farmland, while her husband works as a paid construction worker in local area to help the family generate extra income. Having been in this business for seven years, Oum and her husband can earn about KHR 27,000 per day and manage to save around KHR 10,000 each day after daily expenses. Flood is the main challenge for her rice-paddy as it reduces her crop production.
This is the second microloan for Oum’s group from Kiva’s partner, VisionFund. The first loan, which she has been repaid back, has helped her to relieve family’s burden and improve livelihood.
Now leading her group to ask for a loan, Oum will use her portion to buy fertilizer and rice seeds for her farmland. She hopes to grow her rice fruitfully and timely so as to make her living better and keep her 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