Srey and her husband support their family by working as rice farmers. Having been in this business for more than 10 years, together they are able to earn around 26,500 KHR (Cambodian riels) per day and save approximately 9,500 KHR for future needs after deducting the daily cost of living.
Srey is a second-time borrower with VisionFund (Kiva’s partner). She comments that the previous loan that she successfully paid back made her life so much better.
Now, she is leading a group of three female members to take out a loan in the amount of 2,100,000 KHR in total. With 500,000 KHR, the loan portion of Srey will be spent on buying fertilizer to keep her rice field in good shape. Via the help of this loan portion, Srey strongly believes that her rice field will provide a good quality crop yield so that she can boost her income as well as improve the living conditions of her family.
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