Living in a village of the Srey Snom district, Pisey is a rice farmer on one hectare of farmland. The current business earns his family about 10,000 KHR per day, and he can manage to save about 5,000 KHR each day after daily expenses.
Pisey is a first-cycle client with Kiva’s partner, VisionFund. He is now leading his group of three to ask for a loan. As the leader, Pisey is going to use his portion to pay for labor costs in harvesting rice. He hopes to increase his income from his current business and also hopes to send his son to 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