She has been selling grocery items and clothes for 11 years. The current business earns her about 15,000 KHR per day. After daily expenses, she manages to save about 5,000 KHR each day for future needs.
Sinon has been with Kiva’s partner, VisionFund, for two cycles while the other member has been with VisionFund for one cycle. Sinon completely repaid the loans, which have helped her to send her children to school.
Now she and her fellow group member would like to request another loan of KHR 1,200,000 each. As the leader, she is going to use her portion to buy more grocery items and clothes for resale and use a portion of it to buy household supplies. Through this loan, she hopes to earn a large income for the family so as to improve her living conditions 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