To deal with the daily food consumption, Van does rice farming and raises cows as the family’s core business. Besides the income from the agribusiness, she also get another source of income from her husband who is working as a village chief.
Van has been involved in her current business for 35 years, earning about 35,000 KHR per day. With VisionFund (Kiva’s partner), Van is in her sixth cycle loan, whereas her joint borrower is in her fourth cycle loan. The positive impact of her past loan has enabled Van to upgrade her lifestyle progressively and keep her kids in school.
For this new cycle, Van is seeking 600,000 KHR while her co-member is applying for 1,000,000 KHR. As a leader, she will spend her loan portion to buy rice seeds and mango and jackfruit seedlings to grow for additional income. She hopes that she can gain a good income from her business so that she can expand her business larger than before.
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