Mean, 51, is married and lives in a rural village of the Pursat province’s Kandieng district in Cambodia. She has five kids, two of whom are dependents; one is still in school while the remaining one helps the family’s business. To support her living, Mean has been farming rice and planting cassava for almost thirty years. Sometimes her husband works for others for a fee to gain additional income. With their hard work, she and her husband manage to earn about KHR 30,000 per day and can save about KHR 10,000 each day for the future needs. Drought is the main challenge for her plantation business.
This is the first loan for Mean’s group with VisionFund. She is now leading her group of four to apply for a loan of KHR 1,000,000 each (a total of KHR 4,000,000). Mean will use her portion to buy fertilizers for her farmland and use a portion of it to spend on labors. Mean hopes to increase her crop yields and sell it for a good price so as to fulfill her dream to raise chickens to improve her lifestyle and keep her child in school.
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.