To make a living, she has been growing cassava on one hectare of farmland. To supplement the income, her husband also works for others for a fee, to better support his family. Having been in this business for eight years, Prel earns about KHR 46,000 per day to feed the family; she manages to save about KHR 8,700 each day.
This is the first loan for Prel with Kiva’s partner, VisionFund Cambodia. Now she is leading her group to ask for a loan. As the leader, Prel will use part of her loan to buy pesticides for her farmland and will use a portion of it to pay labor fees. She hopes that this loan will enable her to increase her family’s business and earn more income, to make a better living.
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