Phoeurn is 33 and single. She is a local rice farmer. This is her main source of income. She has been involved in this current business for 10 years. With VisionFund (Kiva’s partner), Phoeurn is in her eighth cycle and her past loans have improved her standard of living and have allowed her to save and buy a water pump for her crops. Now, she is the leader of this group of six. For Phoeurn, she will spend her loan portion to buy fertilizer as well as gasoline for her hand-tractor for her farmland. She strongly believes that she will gain a good yield to get more income.
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.