Sovannary has been with VisionFund (Kiva’s partner) for ages. Her past six loans have been completely repaid already. These past loans have made a positive impact, upgrading her lifestyle progressively. Now, she is in a group of two applying for 1,400,000 riels each. As the group leader, she will use her portion to buy more grocery items for resale including salt, eggs, instant noodles, spices, etc. She hopes to replenish her grocery items in good time so that she can absorb more clients and earn more profit for her family – especially so that she can keep her children in school.
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