A 51-year-old mother of eight children, four of whom are still in school, Phally is married and a local farmer from a rural area located in the Ek Phnom district of Battambang Province. To earn additional income, she also leases tailoring machines. Her husband helps to make more income through buying pepper for resale. She has been involved in this business for 30 years. Phally joined VisionFund this cycle as a second loan cycle client with another first-time borrower in the same group of two female members. Her original loan has helped her to upgrade her lifestyle at a good pace. Now, she is seeking 1,200,000 KHR while her fellow group member is seeking 1,000,000 KHR. As a leader, she is going to spend her portion to buy two tailoring machine for her leasing-business. She hopes to make more income from her current business so that she can improve her 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.