Khang's group consists of three female members. The group leader, Khang, and one of her fellow group members have been with VisionFund for one loan cycle already, whereas the other has just joined VisionFund. Khang says that with the previous loan she was able to improve her livelihood and meet the family's needs, which made her feel so satisfied. Now she is in need of money to buy fertilizer to help keep her business in good shape. Thus, she is leading her group to take out a loan of 2,900,000 KHR in total. With the help of her loan portion of this loan, she hopes that her business will grow rapidly so that she can boost her income and be able to sufficiently support her family.
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