The main source of family’s income is from growing cassava on two hectares of farmland. She has been in this business for four years, and she can earn about KHR 16,000 per day from the current business and manages to save about KHR 6,000 each day after deducting daily expenses.
Sokeng is a first-cycle loan client with Kiva’s partner, VisionFund, while the other member of her group is a third-time borrower. Now she and her group member are requesting a loan of KHR 1,000,000 each.
As the leader, she is going to use her portion to buy fertilizer for her cassava business. She hopes to grow her cassava fruitfully and timely so as to sell it for a good price in order to make a better 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