Sinoun is 35 years old and married. She lives with her family in a rural area located in the Sangke district of Battambang province. She has four dependent children to take care of, three of whom are in school while another one is too young for school. Rice farming is the only primary source of her family’s income to make a living and she has been in this business for 10 years. With the current business, she can earn approximately 27,000 KHR per day and save about 10,000 KHR each day for the future needs.
This is the first microloan for Sinoun with Kiva’s partner, VisionFund. Now leading her group to apply for a loan, Sinoun will use her portion to buy rice seeds and fertilizers for her farmland. She hopes to increase her current business so as to earn a larger income to make a better living and keep her children in school.
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.