She has been farming rice and planting vegetables for fifteen years. With her hard work, she manages to earn about KHR 60,000 per day and can save about KHR 20,000 each day for future needs after deducting daily expenses.
This is the fourth loan for Siphorn with VisionFund. She fully repaid back the past loans, which have helped her better support her current business. She is now leading her group to apply for a loan of KHR 600,000 each.
As the leader, she is going to use her portion to buy fertilizers for her farmland and use a portion of it to spend for labor fees. Siphorn hopes to increase her crop yields and sell it for a good price so as to improve her 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