Mrs. Nheom Sorn's Village Bank Group
Mrs. Nheom S. was selected by the members to be the village bank president. She owns 1.5 hectares of land (~3.7 acres), on which she grows rice to earn her living. Her husband, Mr. Kung Roem, is a construction worker who makes less than $2 to support his family. Mrs. Nheom S. is 53 years old and the mother of three children, one of whom is employed in a garment factory; the remaining two attend the local school. Although Mrs. Nheom S.'s family members have different businesses, they still live in an old house and in poor conditions. In order to improve her standard of living, Mrs. Nheom S. decided to ask for a loan. She will use the money, along with her savings to build a new house for her family.
Mr. Prum V. did not come to the meeting, so he is represented by his wife, who appears in the photo. Mrs. Ky Navy is the group guarantor. She is also shown in the picture.
This is a village bank loan which is paid in full at the end of its term. Eight of members have end-of-term loans and the rest have monthly-payment loans. Members with end-of-term loans are not required to pay any principal on the loan until the very end of the loan term.
End-of-term (EoT) loans are AMK's main product because they are the most beneficial to Cambodia's poor. It allows them to repay portions of the principal whenever they are financially able. Most clients start to make payments many months before the end of the loan term. Almost all of AMK's clients make their payments on time. AMK has a delinquency rate of only 0.09% and AMK has a default rate of 0% on Kiva.
About AMKAngkor Microfinance Kampuchea (AMK) is a leading microfinance institution in Cambodia with a wide reach of operations. AMK works with over 6,000 villages and serves clients in every Cambodian province. With an average loan size of US$115, AMK’s focus is to provide credit and savings products to the very poor in rural areas. For more information, please visit AMK's website.
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