Increasing Quality of Life for Families through Microloans and Education |
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Newsletter, October, 2015 join our mailing list | |
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Phnom Penh Program Starts
Over the last few months we've been busy moving our program to Cambodia's capital city, Phnom Penh. It's been a challenge, but now we are here. Our director, Suy Leang, has hired a new loan officer, Um Norak, who has extensive experience with other lending institutions. We're excited to have him on board. Um Norak prepares our first loan in Phnom Penh The first client for this new program is Penh Raksmey, who runs a simple "sandwich stand" that she is hoping to expand. Norak selected her as an applicant, after which she received a visit by our director. We approved her application and she received a loan of $200 to be repaid over six months.
Norak receives application from Penh Raksmey
Suy Leang at the initial interview with Penh Raksmey
Um Norak issues the $200 loan to Penh Raksmey
The structure of our new program in Phnom Penh is designed for individual clients who receive their loan on a six month term. Before the loan is issued our loan officer and director conduct a thorough interview and background check. Loan installments are paid monthly based on a declining balance (interest of 15%). The installment is collected by the loan officer and transferred to our director who deposits the money into our MfM bank account. The bank deposit slip becomes part of the monthly report.
Bank deposit slip prepared by MfM director, Suy Leang
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Sanitation Projects
Since the start of our latrine project in July of 2013 word has spread in the community, and applications keep coming in. With the recent donation (by Letitia Ocho) of a latrine for the Houn Nara family, we've now built seventeen for some of the poorest families in the rural area of Kos Khel. Sanitation and decent toilet facilities are big issues in most rural areas of Cambodia, and the Kos Khel community is no exception.
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