Mai is a rice farmer while her husband is a taxi car driver. She has been in this business for almost 10 years. The main challenge for her family's businesses is insufficient water for her farmland and lots of competitors for the taxi business. With her family's businesses, she can earn around 54,000 KHR per day to spend for daily expenses.
This is the first loan for Mai's group with Kiva's partner, VisionFund. She is now leading her group to apply for a loan with VisionFund. As the leader, she is going to use her portion to buy fertilizer for her farmland, and will use a portion of it to spend for plowing and car maintenance. She hopes this loan will enable her to increase her family's income so as to set aside some money to afford to buy a plot of farmland.
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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Success!! The loan was 100% repaid