To make a living, she and her husband do rice cultivation on a two-hectare area of farmland. She has been involved in this business for 27 years. However, she sometimes encounters a poor crop caused by shortage of water.
Phal has been with VisionFund (Kiva's partner) for one cycle. She has smartly used her first loan with success to keep up a good progress for her business as well as her family.
She is not only a breadwinner in her big family but also a leader in her big group microloan, which consists of 10 members seeking a new loan. Eight members of her group, including Phal, are second-cycle loan clients, while the remaining two just joined VisionFund this cycle.
Phal's loan portion will be used to pay for harrowing fees and transplanting fees and to buy four sacks of fertilizer for her rice field. She has high hopes that she will receive triple production so she can keep her children in school until tertiary level.
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