For the last 10 years, Savat has been farming rice to make a living. Sometimes her husband catches fish to sell for extra income. Savat’s current business earns her about 60,000 Cambodian riels (KHR) per day. She can save about 20,000 KHR each day for future needs. Low crop yield resulting from flooding is the main challenge for this farming business.
Savat has been with VisionFund for five cycles and has completely paid back the loans. The other member has been with VisionFund for four cycles. Savat has wisely used the past loans to relieve the family’s burden and also to support her children’s education. Now she is leading her group in a request for a loan of 1,400,000 KHR each. As the leader, she is going to use her loan to buy fertilizers for her farmland and a portion of it on fishing nets for her husband’s business.
Savat hopes to grow her rice fruitfully and healthily to improve her standard of living and keep her children in school.
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