This single mother works so many jobs to support the family. She farms rice and sells porridge and Khmer noodles, which enables her to earn approximately 29,000 KHR per day and save about 16,000 KHR after canceling out the daily expenses.
Sokhom has been with Kiva’s partner, VisionFund, for twelve loan cycles already. With these loans, she accomplished strengthening her current businesses by increasing her working capital and securing food needs for her family.
Now Sokhom is leading a group of six female members to take out a loan in the amount of 1,000,000 KHR each. The group representative, Sokhom, will spend her loan portion on paying wages to farm laborers. This industrious single mother hopes to generate more income for the family and better support the family.
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