To better support her living, she also sells Khmer noodles and raises pigs. This business, with which she has been involved for about twenty years, has generated about 18,000 KHR per day. Her previous loan was her first loan with VisionFund, Kiva’s partner. It has stabilized her business and she has fully repaid the loan.
Now, in a group of four, she is the group leader. She is seeking 1,000,000 KHR, one of her fellow group members is seeking 1,200,000 KHR and the remaining two members are applying for 500,000 KHR each. Oun is going to spend her loan portion on purchasing rice seeds and pig feed. She hopes to run both her businesses smoothly and multiply her income so that she can save some money to set up a small grocery stall at her home for additional income.
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