Age 65 and a local villager from Sangke district of Battambang province, Samang is married and blessed with five children. He strives for a living via working as a local school teacher and manages a mango plantation as the main source of his family’s income. Over his five years' engagement in the current business, he is able to earn up to 32,500 KHR per day. This is not the first loan for Samang with VisionFund (Kiva’s partner). He managed his past loan wisely to relieve his family’s burden and improve it in a gradual manner.
For this cycle, he is leading a group of three to apply for a new loan. The total loan for his entire group is 1,100,000 KHR. Samang, whose loan portion is 300,000 KHR, will use his loan to buy gasoline and fertilizer to support his farmland. He hopes that this purchase will help him to boost his crop productivity in a timely manner and return a good yield with high profit.
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.