Living in a wooden house located in the Tbaung Khmum district of Kampong Cham Province, Pov is now 43 years old and married. She has three children, two of whom are dependents and still in school. Pov and her husband are farmers who grow rice and plant frangipani flower as their primary business. Having been in the business for twenty years, they are able to make a daily earning of 27,000 KHR and manage to save about 14,000 KHR each day.
This is the first microloan for Pov with VisionFund and she leads a group of three. Pov plans to use her portion to buy more farmland. She hopes this loan will enable her to expand her farming business.
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.