Including this cycle, Mean has joined VisionFund (Kiva's partner) for two cycles. With success, she has paid back the entire first loan which has helped her to afford working capital to buy fertilizer for her rice farm and additional pigs to raise. Also, she has received a decent income from her business. Now she forms a group of four female members; three members, including her, are in the second-cycle seeking 1,200,000 KHR each while a remaining fellow group member is in the fourth-cycle applying for 500,000 KHR. As the group leader, Mean will use her loan portion to buy more fertilizer and to pump water for her farm. She also will use a portion of it to buy pig feed. She expects to receive more profit from her cash-crop so as to stabilize her lifestyle.
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