To make a living, Kunthea has been involved in a rice growing business for nearly ten years, which enables her to earn around 24,000 KHR per day and save approximately 11,000 KHR for future needs after offsetting her daily expenses. Kunthea has been with VisionFund (Kiva’s partner) for two loan cycles already, with which she succeeded in keeping her beloved kids in school and meeting her family’s needs.
In hopes of smoothly operating her rice field, Kunthea is now leading a group of four female members to apply for a loan in the amount of 3,500,000 KHR total. This group leader, Kunthea, will spend her portion of this loan to buy fertilizer and to pay labor fees. With the help of her requested loan portion, Kunthea believes that her business will provide a good quality crop so that she can earn more income for the family and save up some money to expand her business as well as 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