Channov makes her living through farming rice and planting cassava, the business in which she has been involved for more than 15 years. Her business enables her to earn around 25,000 Cambodian riels (KHR) per day and to save approximately 15,000 KHR after deducting her daily expenses.
Channov is a second-time borrower with VisionFund (Kiva’s partner). Her first loan, which she successfully paid back, helped her to increase crop yields and earn more income for the family.
Now, she is leading a loan group of two female members. She will use her requested loan portion, which is 2,000,000 KHR, to purchase fertilizer to support her farmland and a horse. This hard-working woman would like to dedicate all of her efforts to moving her family ahead.
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