Pheap, aged 56, resides in a rural area in the Sampov Meas district of Pursat province, Cambodia. She has five children. To make a living, she has been engaged in cassava planting and selling grocery items in the local area. Her husband supplements their income by working as a motorbike repairer in the local area and sometimes he also works a motor-taxi driver. The current businesses earns them approximately 30,000 KHR per day and they manage to save about 20,000 KHR each day after offsetting daily expenses. Low yield is still their main challenge.
Pheap’s group consists of four members who have been with Kiva’s partner, VisionFund, for three cycles. Pheap had completely paid back the past loans which have helped her better support her current business. She is now leading her group to apply for a new loan. She is going to utilize this loan to buy more grocery items for selling and use a portion of it to buy materials for her husband’s business. She hopes this loans will enable her family to increase to a large income so as to make their living better.
About VisionFund Cambodia
VisionFund 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.