Ol is a resident from Sa Ang district in Kandal province. He is a father blessed with four children, two of whom are in school. To cover the daily cost of living, his entire family relies on the rice-farming business and fish catching. His wife's job is working in a local factory in the area. He has been with this business for 24 years, and it has returned him about 26,400 KHR per day. The main challenge for his business is the low crop yield caused by insects. To overcome his challenge, he applied for a new loan with VisionFund, a Kiva partner.
This is the fourth-cycle loan for Ol with VisionFund. The past loan, which he has repaid back with success, has enabled him to improve his living conditions at a gradual pace. For this cycle, he teams up with a group of three to get a new loan of 1,000,000 KHR each. As the leader, he will use his loan portion to pay for plowing fees and to buy fertilizer, insecticide, plus rice seeds. He hopes to grow his rice on time with a good yield so that he can keep his kids 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.