She and her husband make a living through farming rice on one hectare of farmland and planting cassava on two hectares of farmland. They supplement the family’s income by selling vegetables, such as cucumbers, cabbages, eggplants, and mandrel. They are able to earn about KHR 60,000 per day to meet the family’s needs from these businesses, which they have been with for several years. The main challenge is lack of capital for the current business.
Neang’s group consists of two members who live in the same village. This is the group's first microloan with Kiva’s partner, VisionFund.
Neang, who is the leader, will use her portion to buy fertilizer for her farmland. She hopes this loan will enable her to earn more income, so she can buy a decent motorbike for commuting as well as to help her family’s business.
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