Pok’s group is comprised of two members who have been with VisionFund for one cycle. Together they can earn about KHR13,000 per day from their current business and can save about KHR3,000 each day for the future needs. Pok fully paid back the past loan, which has helped her relieve her family’s burden and improve their livelihood. Now she is leading her group by asking for another loan from VisionFund of KHR1,200,000 per group member. As the leader, she is going to use her portion to pay for labor costs for rice harvesting and use a portion of it to buy piglets to raise in order to earn additional income for her family. She hopes to earn more income from her current business in order to make a better living and keep her child 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