This is Navy's fifth loan with Kiva’s partner, VisionFund Cambodia. She successfully used past loans to relieve her family’s financial burden and increase its income. Now, she can earn about KHR 30,000 per day save for the future about KHR 10,000 per day.
With the need to support her business, she formed a group of four (Navy's Group) to request another loan of KHR 1,000,000 each. As the leader, Navy is going to use her portion of the loan to buy more fruits to sell. She hopes to earn more income for her family, so as to make their lives better and to keep her 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