To support her family, Chreb has been working hard as a rice farmer on a five-hectare plot of farmland for 10 years, earning around 10,000 Cambodian riels (KHR) per day and managing to save approximately 5,000 KHR after factoring in the daily expenses.
Chreb is leading a loan group of three female members, all of whom are first-time borrowers with VisionFund (Kiva partner), to take out a loan in the amount of 2,500,000 KHR in total.
With this first-time requested loan portion, which is 1,000,000 KHR, the group representative (Chreb) will purchase fertilizer and rice-seed, and cover the cost of labor. After receiving her loan portion and using it in a smart manner, this hard-working woman, Chreb, hopes that her rice-growing business will provide a good quality crop so that she can sell it for greater profit and use the anticipated profit to improve the living standard of her family and keep her beloved 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