Sary and his wife are rice farmers, and they supplement their family’s income by working for others farmers. They have been doing this for seven years, earning about 22,000 Cambodian Riels (KHR) per day to feed the family.
Sary has been with VisionFund for five loan cycles, while the other member of the loan group is new this cycle. Sary managed to completely pay back his past loans, which have helped him to better support his family with enough food. Now, he is leading this group of two to request a new loan. Sary will use his portion of the loan to buy fertilizer and pesticides for his farmland. He hopes this loan will enable him to grow healthy and profitable rice, so he can improve his standard of living and keep his 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