Rice crops are the main source of income for his family to cover their daily expenses. He has been involved in this business for 22 years and is able to earn about 15,000 KHR per day.
Now, the harvest season is coming. Hence, he formed a group of three members to apply for a new loan. This is Thy's second cycle with Kiva Field Partner, VisionFund. The past loan, which he has completely paid back, has strengthened his confidence by uplifting his lifestyle in a good way.
For the new loan cycle, Thy is seeking 1,200,000 KHR, while his two fellow group members are applying for 1,000,000 KHR each. He hopes that requesting this loan, which he will use to pay harvesting fees, will promptly support his business so that he can gain double yield with good profits for his children’s sake.
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