This is Norn’s Group loan with VisionFund Cambodia. She has been with VisionFund Cambodia for six cycles, while the other members have been with VisionFund Cambodia from three to seven cycles. The past loans, which Norn completely repaid, have helped her to better support her family and to have sufficient working capital for her business.
With a good business, she is leading her group to apply for another loan. As the leader, she wants to use her portion to buy fertilizer for her sugarcane and to use a portion of the loan to purchase more sugarcane trees for planting. She hopes to grow her rice as well as sugarcane in a timely manner, so as to sell them for a high price, to earn a larger income. She also hopes to extend her current business.
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