For ten years, Phea has farmed rice on three hectares of land and grown sesame on two hectares. She is able to earn up to KHR 17,800 per day. Her husband also helps to make more income by working for others for a fee during his spare time.
In a group of four (Phea's Group), Phea is the leader. She is a fourth-time borrower who has completely repaid her past loans with success. The loans have unloaded her family’s burden and gradually improved its livelihood.
Phea and one of her co-borrowers are each seeking KHR 1,400,000, while the remaining two members are each applying for KHR 1,200,000. Phea is going to spend her portion of the loan on harvesting fees, potash, and seed purchasing. She hopes to produce a better crop yield and increase her income, so that she can keep her children in school up to higher education.
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