Loam, 30, is married with three children, all of whom are dependent on her and still in school. Her family lives in a house with a thatch roof located in Siem Reap province’s Srey Snom district. The main source of her family’s income is from farming rice. Loam has been running her business for five years, earning about 10,000 KHR per day, and she is able to save about 5,000 KHR each day.
Loam has been with VisionFund for two cycles and fully repaid the past loans which have helped her to relieve her family’s burden. Now she is leading her group of three to seek for a loan. Loam will use her portion to pay labor costs in harvesting rice. She hopes to increase her crop yield so as to improve her standard of living and keep her children in school.
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.