Sorn is 34 and a parent of three children, two schoolchildren and one little kid. He and the rest of his family are living in the Ponhea Krek district of Kampong Cham province. To earn a living, he does rice cropping, pig-raising, and brown sugar producing. He has 11 years of experience in his business. Sorn is a third-time borrower with VisionFund (Kiva’s partner). He has fully paid back his past loan wisely to improve his lifestyle better than before; especially he can afford to renovate his house timely. Now, he is in a group of two to apply for a new loan of 1,000,000 KHR each. As the leader, he will spend his loan portion to buy potash and to pay for plowing fee plus labor cost. He hopes to boost his cash-crop seasonally so he can make more money to buy a decent motorbike for his small-scale trading business.
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.