Tiv struggles to earn a living through rice farming and bean farming. She also earns additional income by raising pigs for sale and selling snacks to the villagers. Unfortunately, she is able to earn only KHR 22,200 per day, which is barely enough to feed her children.
This is the fourth cycle for Tiv as a borrower of VisionFund Cambodia (Kiva’s partner). She has completed the payment of previous loans and the loans have helped her to gradually improve the living conditions of her family. Now, she leads a group of five members to request a loan of KHR 5,000,000, which contributes the same share of KHR 1,000,000 to each member.
Tiv plans to use her portion of the loan to install a solar system that will be very beneficial for her family since they are living in a remote area, where electric lines are inaccessible. She hopes that the loan will help her to support her children to finish their studies.
More information about this loan
This loan is part of VisionFund Cambodia's effort to promote solar energy and make it available for low-income, rural households that lack access to electricity. When clean, solar lighting is affordable, entrepreneurs can work longer hours and generate more income; children can study longer after dark to do better in school; and families can improve their standard of living.
VF Cambodia created this loan product on the recommendation of a feasibility study on renewable energy conducted in collaboration with Frankfurt University. By working with Kiva, the organization is able to offer these loans at a lower interest rate, making it even more affordable for families to go solar.
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!