Savoet, 33, is married with two dependent children who are both still in school. Her family lives in a house with thatched roof located in Battambang province’s Sangke district, and the main source of her family’s income is working for others for a fee. She and her husband has been with this job for ten years, earning about KHR 26,000 per day; she is able to save about KHR 10,000 each day. Savoert received her first loan with Kiva’s partner, VisionFund, a cycle ago and has effectively used it to sustain her family’s business, and support her family’s needs. Now, she wants to start another small scale business, rice trading. Therefore, she leads a group of two to apply for a new loan.As the the group leader, she will use her loan portion to buy 15 sacks of rice to stock for resale when the price is high. She hopes this business will double her income so that she can upgrade her lifestyle better than before .
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.