She makes a living through farming rice on three and a half hectares of farmland. Having been in this business for six years, she is able to earn approximately 15,000 KHR per day, and manages to save about 10,000 KHR each day after daily expenses. Drought is the main challenge for her paddy field.
Sokhea’s group consists of two members who live in the same village; she is a second-time borrower and her co-member is a first-time borrower. She completely paid back the prior loan, which has helped her relieve the family’s burden and improve her livelihood.
Now Sokhea and her group member are applying for a loan with VisionFund of 1,000,000 KHR each. As the leader, she is going to use her portion to buy fertilizer and rice seed for her farmland. She hopes her crop yield will become more profitable so as to improve her standard of living.
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