Sorn has 37 years of experience in his current businesses, a rice-growing business and pig-raising business. Sorn earns approximately 22,000 KHR per day and manages to save only 16,000 after offsetting the daily cost of living. His day-to-day livelihood has struggled a bit, since he is in need of money to support his children’s schooling in Phnom Penh (capital city of Cambodia).
He is leading a group of two to apply for a loan in the amount of 1,000,000 KHR each. Sorn will spend his loan portion on buying fertilizers to apply to his farmland and buying pig feed to feed his pigs so that they will be fatter and healthier.
Via the efficient usage of this loan portion, Sorn believes that he will be able to boost his income and set aside some money for covering the needs of the family, especially the fees of his children’s schooling. In the future, he also hopes to operate a new business, which is a sugarcane-growing business.
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