A 51-year-old widow from the Sangke district of Battambang province, Somarin is a vendor who sells grilled chicken in order to support her two out of six children, as they are still in school. She has been engaged in her current business for three years. She and her partner are the second-time borrowers with VisionFund Cambodia. She feels confident that she can improve her living status gradually after the past loan which she has repaid with success. Now, she is seeking a loan of 1,200,000 KHR, the same loan amount as her partner is requesting. She will spend her loan portion as a leader to buy more chicken to grill and resell. She hopes to earn more income so that she can expand her business and upgrade her lifestyle.
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.