Ry has been farming rice and planting corn on three hectares of farmland for 26 years to make a living. She can earn about 30,000 Cambodian riels (KHR) per day from the current business and manage to save 10,000 KHR each day after deducting daily expenses for future needs. Drought and insects are the main challenges for operating a farming business.
This is the first microloan for Ry’s group of three with Kiva’s partner, VisionFund. Now leading her group to apply for a loan of 1,000,000 KHR for each member, Ry will use her portion to buy fertilizers and seeds for her plantation business. She hopes to increase her plantation production to generate more income to improve her family’s lifestyle.
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