Vor Preng Village Bank Group
Mrs. Samon R. is 58 years old. She is a widow with two children, one of whom is employed in a garment factory while the other one is enrolled in school. Previously, Mrs. Samon R. obtained a loan from Amret Co.,LTD to buy cows for breeding. Last year, she got gangrene and she did not go to hospital. She called a doctor to come to cure her at home and she spent $50, which is approximately the equivalent of one month’s food consumption for a family in Cambodia. Because of this unforeseen expense, Mrs. Samon R. does not have enough money to build her house now.
This is a group loan. The loan funds will be distributed among the group members, each of whom will invest in her own business. The members mutually guarantee one another's loans. If one member does not repay, the other members are responsible.
About AMKAngkor Microfinance Kampuchea (AMK) is a leading microfinance institution in Cambodia with a wide reach of operations. AMK works with over 6,000 villages and serves clients in every Cambodian province. With an average loan size of US$115, AMK’s focus is to provide credit and savings products to the very poor in rural areas. For more information, please visit AMK's website.
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