The family's primary source of income comes from a cassava plantation. Nary has been planting cassava to earn a living for her family for about 28 years. The average income for the family is only 33,300 Cambodian riels (KHR) per day.
Nary has been with Kiva’s partner, VisionFund, for the past two cycles and has successfully repaid her past loan. The loan allowed her to uplift her living condition at a gradual pace.
Now, she leads a group of five borrowers in a request for a loan of 3,400,000 KHR, from which her portion is 1,000,000 KHR. She plans to use the loan to buy fertilizer and pesticide and also to pay for labour fees for plowing the land and collecting the yield.
She hopes that she will be able to have enough money to expand the plantation.
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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This loan has been fully funded!