Mercy Foundation Funds Microloan
A $625 microfinance services loan rented land and hired workers.The small rural village of Dambae District is where Phon, a 34-year-old married woman calls home. She is a hard-working farmer whose main source of income is a cassava plantation that she has run for the last 16 years. She also farms rice, as well. A microfinance services loan enabled Phon to hire workers to plow the fields and buy fertilizer and cassava stems. Recently, Phon joined VisionFund Cambodia, a Kiva partner in the country, so that she can use the business loans. She successfully applied for a loan of 2,500,000 Cambodia Riels that she used to hire land and labor to plant her cassavas, buy fertilizer, and purchase cassava stems to plant on the farm. Phon hopes to use the profits from her next harvest to keep expanding her business.
How Phon Received Financial HelpPhon’s loan was locally administered by VisionFund Cambodia, a Christian organization and microfinance institution that provides underprivileged Cambodians. This organization facilitates small loans to improve the lives of children, empower poor women and their families, and help entrepreneurs develop successful businesses. The organization operates mainly in the rural areas of Cambodia, and has made a name for itself by targeting the very poor. Despite the fact that they are a Christian organization, they do not discriminate against religion, gender or ethnic background. Through VisionFund Cambodia and Kiva, the Mercy Foundation, was able to fully fund Phon’s $625 loan. Investors looked at her track record over 16 years, and were reassured that she was a worthy candidate. As with the other organizations, VisionFund Cambodia helps the less-fortunate access microfinance services that they would otherwise not be available. Kiva brings financiers onto the right platform, while VisionFund Cambodia identifies impoverished entrepreneurs and distributes the funds to them. Phon is now on the right path to realizing her dream of expanding her business. If you would like to touch someone's life, visit www.kiva.org, and read the long list of entrepreneurs who need funding.