Rice growing is the main source of family income, and she has been involved in this business for 30 years. From the current business, she is able to earn about 10,000 KHR per day and manages to save about 3,000 KHR each day after compensating daily expenses. The scarcity of water supply for supporting the rice business is the main challenge for Eng.
Her group consists of two members who live in the same village. Eng is in her first loan with VisionFund. Now she is leading her group member of two to request for a loan with VisionFund of 800,000 KHR each. As the leader, she is going to use her portion to buy fertilizers for her farmland and to buy piglets for raising to generate extra income. With this loan, Eng expects to enlarge her family’s income 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