To earn a living, Khan farms rice and plants vegetables. Having been in the current business for more than 20 years, Khan earns approximately 10,000 KHR per day and saves about 5,000 KHR, after deducting daily expenses. This will be Khan’s second time requesting a loan via Kiva Field Partner, VisionFund. The past loan has had a huge positive impact on her as well as on her business: through the previous loan, Khan was able to expand her rice-growing business by buying more plots of farmland.
Khan is now leading a group member who has been with VisionFund for three loan cycles already to take out a loan in the amount of 1,500,000 KHR in total. As group leader, Khan plans on using her loan portion to purchase fertilizer to help keep her rice-growing business in good shape. Khan expects to earn more income from her rice-growing business after receiving the requested loan portion and, hopefully, be able to build up her savings to purchase a water pump to continually supply sufficient water for her rice-growing business in the future.
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