Proud of my kiva family
I started lending in early August 2011 to everyday Cambodians who were seeking a better way of making a living or sometimes, just needing to survive.
Inspired by FITE’s work with microfinance designed to foster Financial Independence Through Entrepreneurship for women in the developing world, I joined to support their vision. A world that gave people confidence to create a future for themselves no matter what their social standing is.
Just over a year later, I am quite impressed with the stats:
- I have made loans ranging from US$25 to US$50 to 20 people in all parts of regional Cambodia (18 towards women and 2 towards men).
- Eight loans have been fully repaid - bear in mind that Cambodian’s average monthly salary is US$240.
- Six loans have received at a minimum 50% in repayments.
- I have a contributed $595.88 in lending with only an investment of $215.39 as repayments are used to re-lend to more people.
I have received two updates that has made me proud to learn that a little makes huge difference.
Update from Phinary
Phinary is a weaver. In addition, she also buys some silk and cotton fabrics from fellow weavers in her village and transports them to sell in other villages and districts. In September 2011, she asked for a loan of 400 USD to purchase more silk and cotton fabrics for resale.
Phinary has been able to increase the amount of silk and cotton fabrics she buys and sells; she has been able to generate much income as well. Now she can support her family more easily. She faced no problem paying her installments and Phinary had successfully paid off her loan.
Update from Someth
Someth is 35 years old. She is married and resides with her parents and two children in Battambang Province, Cambodia. She has been selling groceries for more than ten years. She has requested a loan from Kiva to purchase more groceries to sell. So far, her business is running very well. With the loan, she can expand her store and make more profit for the family. In addition, there are no problems for her to pay a loan back and she hopes to get another loan from Kiva to improve her family’s livelihood in the future. She has been very pleased with her decision and is grateful for the ability to better support her family.
The power of belief
When you empower those who strive for it, you allow them to succeed - so long as you believe in them.