Sokun earns a living through planting cassava on 1.5 hectares of farmland, while her husband is a rice farmer who grows rice on 2 hectares of farmland. Together, they can earn about KHR18,000 per day from their current businesses and can save about KHR10,000 each day after deducting daily expenses.
This is the second loan for Sokun through Kiva’s partner, VisionFund. She successfully repaid her previous loan. The loan from VisionFund helped her better support her current business. Now leading her group of three to apply for a loan, Sokun, who is the leader, will use her portion to buy fertilizers for her farmland and will also use a portion to spend on labor fees.
Sokun hopes to grow her cassava and rice more healthfully and fruitfully, so that she can sell it for a good price, and improve her standard of living.
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