Living in Siem Reap province's Srey Snom district, Seav is 52 years old and a mother of seven children. Currently, only two kids still count on her as they are students in the local area. She has managed three hectares of rice cultivation in order to support the entire family's members. Her daily income from her business that she has been with for 34 years is 15,000 KHR per day. Seav, a second-time borrower, is in the same group with a sixth-time borrower in order to seek a new loan. She has used her past loan smartly in supporting her business and it has returned her decent income for her family. Now, she is seeking 1,000,000 KHR while her co-borrower is applying for 500,000 KHR. As the leader, she is going to use her portion to buy fertilizer for her crop. She hopes that she will receive triple output with a good profit, so she can keep her children in school as well as maintain her good living conditions.
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.