Kong, a six time borrower with Kiva’s partner VisionFund, is leading a group whose other member is also a sixth time borrower. They are taking out a new loan with VisionFund in the amount of 1,400,000 KHR and 1,000,000 KHR respectively. The group leader, Kong, states that the help she has already received in the form of previous loans has enabled her to accomplish so many things: building a house and improving the family's lifestyle. Now Kong will use her new requested loan portion to support her rice-growing business by purchasing fertilizer and covering the cost of labor. This hardworking Kong would love to dedicate the effort that she has put into her work to moving the family ahead and, most importantly, sending all her children to good schools.
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