Cassava growing and pig raising are the primary sources of his family’s income and he has been in this business for four years. His daily income is approximately 27,000 KHR and he can manage to save about 10,000 KHR each day after offsetting daily expenses.
Chamroen has been with Kiva’s partner, VisionFund, for two cycles and fully paid back the past loan. The other group member is a first-cycle client with VisionFund.
Chamroen successfully and wisely used the previous loan to better support his cassava planting. Now he is leading his group of two to request another loan with VisionFund of 1,000,000 KHR each. As the leader, Chamroen is going to use his portion to buy pig feed for his pig business and to buy pesticides for protecting his crop.
He hopes to grow his crop successfully and also hopes to fatten his pigs so as to increase his income and improve his family’s living conditions.
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