Phy is 30 years old, married, and has two children. She resides in a rural village located in the Pursat province’s Kror Kor district, Cambodia. For the last 10 years, she has been farming rice; her husband works as a paid worker to earn additional income. She earns about 18,000 KHR per day.
Phy has been with VisionFund for two cycles and completely repaid the loans. She is leading her group of three to request another loan. She will use her portion to buy a tractor to help her in paddy field. Phy hopes to earn more income from her rice paddy so as to improve her family’s living conditions.
About VisionFund Cambodia
VisionFund 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.