Vimean is a 22 years old and the mother of one child. She and her family live in the Moung Russey district of Battambang province. She grows rice on one hectare of land and earns up to 19,000 KHR per day, which she uses to pay for food. She has taken out six previous loans from VisionFund (Kiva’s partner), and has made good use of each of them to improve her family's quality of life. She is now a member of a three-person loan group which is seeking a loan. She and one other member would like to borrow 1,400,000 KHR each while the third member is seeking 1,200,000 KHR. As the group leader, she will use her portion of this loan to buy 10 sacks of fertilizer and rice seeds. She hopes this purchase will help her grow rice in a timely manner so that she can increase her yield and earn more profits to spend on her family.
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.