The main source of the family’s income is rice farming, in which Bunsong has been involved for 32 years. With the current business he earns approximately 40,000 KHR per day and manages to save 10,000 KHR each day after daily expenses. Drought is the main challenge for his business.
Bunsong has been with VisionFund for five cycles, while the other group member has been with VisionFund for one cycle. He completely repaid the past loans, which have helped him relieve his family’s burden and improve their life conditions.
Now leading his group of two to request a loan, Bunsong will use his portion to buy rice seeds for his farmland and spend a part of it on ploughing the field. He hopes to plant his rice fruitfully so as to make a better living in the local village.
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