Huoy is a vendor from the Kror Kor district of Pursat Province. She sells Chinese noodles, Khmer noodles, porridge, and coffee in the village. With 20 years’ experience in this business, she is able to earn up to 38,000 KHR per day. She is now in the third loan with VisionFund (Kiva’s partner). After successfully repaying her past loan, she feels confident that she can upgrade her lifestyle and business.
For this loan cycle, she forms a group of four members requesting a total of 4,200,000 KHR. As the leader, Huoy will use her portion to pay for her daughter’s vocational training as a wedding planner. This will especially cover the course focused on traditional dressing and makeup for the bride. She hopes that her daughter is able to own a business and earn a good income.
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