With 10 years' engagement in the current business, she is able to earn up to 32,500 KHR per day. Kakvey has been with VisionFund (Kiva’s partner) for five cycles and has completely repaid her past loans, which have upgraded her living status gradually and provided decent daily food for her children.
For this cycle, she forms a group of six to apply for a new loan. Two members including her are seeking 1,000,000 KHR each, while the remaining four members are seeking 600,000 KHR each. As the leader, she will spend her loan portion to plow her farmland and to buy rice seed and potash for her farmland. She hopes that she can triple her yield so that she can improve her living at a good pace.
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