Lorn and his wife make their living by farming rice. To add more income to the family, his wife also has a cattle-raising business.
This is Lorn’s third time requesting a loan via VisionFund, Kiva’s partner. Lorn is really thankful for the previous loans, which he has already obtained and successfully paid back, because via the help of those loans he has been able to improve his family’s livelihood and send his son to school.
Now he is in need of money to purchase fertilizer to support his farmland. Thus, he is leading a group of two members to apply for a loan in the amount of 900,000 KHR each. After receiving his loan portion, Lorn has high expectations that his business will provide a good-quality crop so that he can sell it for greater income and use the anticipated income to expand his business as well as advance his son’s education.
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