The first loan has improved the quality of the crops. Now, Rong is in need of more money to buy more fertilizer to improve crop yield, which will allow her husband to sell the crops at a higher price. Therefore, she decided to request another loan after the first loan ended. Because of her good performance during the first loan cycle, Rong was appointed to be a group leader. With her group member, she is applying for a loan in the amount of 1,700,000 KHR in total. After receiving her loan portion and using it wisely, Rong hopes that her husband’s rice-farming business, which forms a big part of the family’s income, will provide him with better quality crop yields. This will allow her husband to boost the family's income. They will use some portion of the anticipated income to buy spare parts for a tractor to further improve their farming capabilities.
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