To support this family, Somach and her husband have been growing cassava on one hectare of farmland as their main source of income. To better feed the family, Somach also sells grocery items in her village. She has been with both businesses for five years, and she is able to save only KHR 13,000 per day.
This is the second loan for Somach. She has used her first loan successfully in improving her living condition. She is now leading her group to ask for a loan of 1,200,000 KHR each.
As the leader, Somach is going to use her portion to buy pesticides for her farmland and use a portion of it to spend on labor fees. She hopes to grow more cassava to earn more income for her family, so as to make a living better.
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