To support her family, she works in a local factory, and her husband works at a construction site in addition to the rice farming business that they have had. However, the transportation fee back and forth to the workplace for her and her husband is quite challenging.
Therefore, she decided to get a new loan with VisionFund (Kiva’s partner) by joining a group of three borrowers. It is the second loan for Sreysang, and her original loan has been fully repaid with a positive impact of improving her lifestyle gradually.
Now, she and her co-borrowers are applying for the same loan amount of 1,000,000 KHR each. As the leader, she will spend a portion of her loan to buy a decent motorbike for commuting back and forth to the workplace. Moreover, she will also use some of the money in to renovate her house to a better condition.
She hopes that she can reduce transportation costs as well as renovate her house to a better condition in a timely manner.
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