Originally from a rural village of the Kampong Cham Province’s Dambae District, Somaly is 42 years old and married with three children, all of whom are dependent and still in school. She earns a living through farming rice to feed and support her family members. Her husband buys and sells coconuts in the village and he is also a taxi driver to better feed the family. Having been in this business for twenty years, she is able to earn about 42,000 KHR per day and manage to save about 20,000 KHR each day for the future needs.
Somaly has been with VisionFund for two cycles and has completely paid back the past three loans. She smartly used the loans to improve her living gradually. Now leading her group to ask for a loan, Somaly, who is the leader, will use her portion to buy seed and fertilizer for her farmland. She hopes to produce more rice she can earn more income to improve her standard of living.
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.