Mr. Nut S. R. is 27 years old, and is single. He lives in Siem Reap province with his parents. He is an electrical repair man, and repairs televisions, radios, cassette and video players. He received training as an electrical repair man in school, and once he finished school he decided to open an electrical repair shop in his area. He opened the shop because he noticed that there were no such shops in the area where he lived. He earns on average about $7 per day. His mother is a food vendor and sells rice and a variety of Khmer dishes at the market. His father is a motor-taxi driver. Mr. Nut S. R. contributes his income to the total household income of his parents. On average, monthly expenses run about $82 with about $37 for food, $20 for utilities, and $25 for transportation. Inflation has hit Cambodia though, at a rate of about 22% from when the last statistics were taken, increasing monthly expenses for many people in Cambodia.
Mr. Nut S. R. is requesting his loan through Kiva’s field partner CREDIT – Micro Finance Institution. CREDIT-MFI has a repayment rate of 99.8% (taken from their 2007 Annual report). CREDIT – MFI structures their non-agriculture Kiva loans with a declining balance interest rate. Agriculture loans are structured as balloon repayments with monthly interest rate payments and principle repayments at the end of the loan after harvest.
KREDIT Ltd. is one of Kiva’s most established partners in Southeast Asia. The organization empowers the economically-active poor and small entrepreneurs by providing inclusive financial services. Beyond loans, KREDIT offers low-income clients complementary training in debt management, savings and budgeting. In addition, KREDIT partners with NGOs to offer training in primary health care, agricultural techniques and HIV/AIDS awareness.
For more information on KREDIT, please visit its partner page. If you would like to engage more with KREDIT and its borrowers, you can also join its lending team, KREDIT MFI Cambodia.