Rim has been with VisionFund (Kiva’s partner) for three loan cycles already with which she has accomplished improvements to her family’s lifestyle. Now she is in need of money to purchase fertilizer and pesticide, and to cover the cost of labor. Thus, she is leading a loan group of three female members to apply for a loan of 3,800,000 KHR in total. After receiving her requested loan portion and using it wisely, Rim believes that her business will provide a good quality crop so that she can sell it for more profit. She hopes that she can save up some money in order to send her children to a good school in the future.
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