Mrs. Sophat Brang Village Bank Group
Mrs. Sophat B. is the village bank president who has been selected by the other members. She is 32 years old and the mother of four children who are attending the local school. She is a farmer who owns a piece of land that shes uses to cultivate rice. Her husband, Mr. Chea Thoeun, is a teacher in the local school and makes a small salary of which cannot improve his household's living conditions by much.
Even though they have different business activities, they still earn too little income to support their family. In order to improve their living conditions, Mrs. Sophat B. has decided to ask for a loan to buy piglets to start a pig breeding business. She hopes to increase their combined income and provide a better life for her children.
Two members in this village bank loan possess end-of-term loans and the rest of have monthly payment loans. These members 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 it is the most beneficial to Cambodia’s poor. It allows them to repay portions of the principal whenever they are financially able to. Most clients start to make their payments many months before the end of the loan term. Almost all of AMK’s client 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