To strive for a living, Ten also works as a latex tapper and her husband works as construction worker. She is able to generate about KHR 19,000 per day from the occupation that she has had for ages.
Ten, a third-cycle client, joins the same group with another borrower who is a second-time borrower with VisionFund Cambodia (Kiva’s partner) to apply for a new loan. Ten has been successful in repaying her past loan, which enabled her to provide, three times a day, decent meals for her children.
For this cycle, Ten is seeking KHR 1,400,000 and her joint member is applying for KHR 1,200,000. As the leader, Ten will spend her portion to buy a decent motorbike for her children to commute back and forth to the workplace. She hopes that her children can reduce the transportation cost that they used to have and can use that money to support the family, instead.
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