Heam lives in a thatched-roof house located in the Sampov Meas district of Pursat province, Cambodia. He is 51 years old and the father of two schoolchildren and two paid workers. Together with his wife, he has been growing rice on two hectares of farmland in order to meet the basic needs of the family, especially their children. He is able to earn up to 24,700 KHR per day. Heam has never borrowed through VisionFund before. All of the members in his four-person group are first-time borrowers. Heam is seeking a loan of 800,000 KHR while his other three group members are applying for 1,000,000 KHR each. The leader of his borrower group, Heam will use his portion of the loan to buy four sacks of fertilizer and pigs to raise for additional income. He hopes to make more income from his current business so that he can save some money to run a small bicycle-repair shop for extra income.
About VisionFund Cambodia
VisionFund 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.