Seng has been with VisionFund (Kiva’s partner) for two loan cycles already with which she accomplished securing her family's food needs and, most importantly, keeping her beloved children in school which makes her feel so satisfied. Seng is leading a group of two female members who are each applying for a loan of 500,000 KHR.
The group leader, Seng, will use her loan portion to purchase fertilizer, pesticide, and seeds (rice and cassava) to support her farmland. She believes that her family’s livelihood as well as her family’s income will be gradually improved after receiving her loan portion and using it as she plans. She will also use the anticipated income to further advance her children’s education.
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