Choeurt is a second-time borrower with VisionFund (Kiva’s partner). The first loan that he requested has helped him cover the cost of labor and pay the fees for plowing his farmland.
Choeurt’s group consists of three members. As a group representative, he is leading his group to take out a loan in the amount of 3,000,000 KHR in total. With his requested loan portion, which is 1,000,000 KHR, he will support his farmland by buying supplies such as fertilizer, corn seeds, and pesticide. The other portion of the loan will be spent on covering the cost of labor. His only hope in the future is to have sufficient working capital in order to keep his business alive so that he is able to provide his family with a decent quality of live.
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