He and his wife earn a living through planting cassava on two hectares of farmland and rubber trees on one hectare of farmland. Together, they can earn about KHR 62,000 per day from the current business and manage to save about KHR 25,000 each day, after offsetting expenses.
Kimyan’s Group consists of two members who live in the same area and they are both in their second cycle with VisionFund Cambodia. The past loan that Kimyan successfully paid back has helped his family to support his business and improve his living conditions.
Now leading this group to apply for a loan, Kimyan, who is the leader, will use a portion of his loan to buy a bowl for extracting the rubber and a portion to spend on plowing the field. He hopes to increase his family’s income, to improve his family’s living conditions.
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