She and her husband are farmers who grow rice on one hectare of farmland. She has been in this business for 21 years. The current business earns her about 24,000 KHR per day to meet the family’s needs.
This is the microloan for Hong’s group of two members who are both female. She is a third-cycle client while the other is a second-cycle client with VisionFund. The past two loans that she completely repaid have helped her relieve financial burdens and improve her livelihood. Now Hong, who is the leader, will use her portion to buy fertilizers for her farmland. She hopes this loan will enable her to increase her harvest so as to sell it for a good price.
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