To make a living, Sokhorn operates a business, selling noodle with soup, which is known as Kuyteav in Cambodia. Sokhorn's husband supplements their income by raising pigs. This industrious couple earns around 60,000 KHR per day and saves approximately 28,000 KHR after offsetting the daily cost of living.
Sokhorn has been with VisionFund, Kiva's partner, for four loan cycles. With her previous loans, she succeeded in increasing her working capital and meeting her family’s food needs. Now, to support her husband's pig-raising business, Sokhorn is leading a group with one other member who has been with VisionFund for just one loan cycle to take out a new loan in the amount of 1,200,000 KHR in total. Sokhorn will spend her portion of the loan to buy pig feed. She hopes to earn more income from the pig-raising business and better support her family after receiving the loan and effectively using it.
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