As many of you know, our team has committed to give out a loan every other week.

The ultimate team goal is to be able to loan once a day and hopefully we are not too far away from this goal.

With enough members in the team funding $25 to their Kiva accounts on a monthly basis and re-lending all their credit, this vision will soon be a reality.

This week, I chose to loan to a group in Cambodia because I read that the AMK MFI there has been doing great things.  Recently, they posted a loan (the first in it’s kind) to help counter-trafficking efforts. This is awesome!

While the loan was quickly funded, I wanted to be a part of it in some small way so I wanted to support AMK and fund one of their other loans.

The village bank which consists of seventeen people and is located in Ta Sman village in Takeo province.  Mr. Oeurn San is a village bank president who has been selected by the members.  He is a farmer who owns a 1-hectar field to cultivate rice to earn for living. In this farming, he now faces a small problem because he does not have enough money to buy fertilizers to support the field so he decided to buy fertilizers to make his crop more productive and he also use the rest of the loan to buy piglets and pig food for breeding. His wife, Mrs. Teav Chantha, helps him on the farming. Mr. Oeurn San is 25 years old and the father of a child who is too young to work or study because that child is on the age of a year.

All the members in this village bank loans are end-of-term loans so they are not required to pay any principal on the loan until the very end of the loan term. End-of-term (EoT) loans are AMK’s main product because it is the most beneficial to Cambodia’s poor. It allows them to repay portions of the principal whenever they are financially able to. Most clients start to make payments many months before the end of the loan term. Almost all of AMK’s clients make their payments on time. AMK has a delinquency rate of only 0.09% and AMK has a default rate of 0% on Kiva.

About Group Loans
In a group loan, each member of the group receives an individual loan but is part of a group of individuals bound by a group guarantee. Under this arrangement, each member of the group supports one another and is responsible for paying back the loans of their fellow group members if someone is delinquent or defaults.

Source: Kiva.org
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Total Team Loan Amount Since 11/20/09 — $200.00