Phum has a lot of customers who always buy her vegetables in bulk because she is famous for her polite attitude. She also plants some vegetables behind her house.
Recently, Phum asked for a loan to buy fertilizer for her plantation. The other three group members are: P., 55, who sells vegetables in the local market; looking for a loan to buy more vegetables for selling. S., 58, who owns a plot of land for growing crops, is asking for a loan to buy a bicycle for her son to travel to school. R., 36, who sells vegetables, is taking a loan to invest in her business. They all live in the Siem Reap Province, Cambodia.
About HKLHattha Kaksekar Limited is one of the largest and most successful microfinance institutions (MFIs) in Cambodia. The organization provides microfinance services to the poor, particularly women, in urban and rural areas. Kiva lenders’ funds will be used to expand the outreach of HKL’s financial services to a greater number of clients in rural areas of Cambodia.
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