Regarding this business, the main challenges are the declining price of the cash-crop and the lack of working capital for supporting his business. Piseth's group is composed of two members and both of them have joined VisionFund for at least 3 loan cycles. Now they are in their fourth loan cycle with Kiva's partner VisionFund and Piseth is a group leader. His past loan has been repaid back with success and it has enabled him to support his business on time and improve his family's livelihood.
For this new loan cycle, he is seeking 800,000 KHR while his co-member (female) is applying for 1,000,000 KHR. As a group leader, he is going to use his portion to buy fertilizer and insecticide for his mango and banana trees. He expects this purchase will reduce the damage from pests and boost the production so he can earn more income and strengthening his 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