Savoun, originally from Battambang Province, is 31 years old and strives to make a living through a single business, rice farming, which she has been with for 10 years. Currently, she has one son who still needs her support as he is still in school. Savoun, a fifth time borrower, joined this group consisting of two female members to apply for a new loan; the other borrower is new to VisionFund (Kiva’s partner).
Savoun has supported her living in a good manner from the past loans which she has completely paid back. Now, she is seeking 1,200,000 KHR while her co-borrower is applying for half of her requesting loan amount, 600,000 KHR only. Savoun, the leader, will use her loan portion to buy rice seed for her farmland. She hopes to grow her rice seasonably so she can gain triple yield with high profit for her child’s sake.
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.