Buntheourn, a seven-time borrower, formed a group of two with a second-time borrower in order to apply for a new loan with VisionFund (Kiva’s partner). He has wisely utilized his past loans and has fully repaid them with success. The past loan has enabled him to support his business on time and return him a decent profit, better than last year.
Now, he and his joint member are seeking 1,000,000 KHR each. For Bunthoeurn as the leader, he will spend his loan portion to pump water and buy potash for his rice field. He hopes to earn more income so that he can set aside some money for future needs.
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