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In May 2002, CVD loaned a revolving fund with the total sum of $200
(two hundred US dollars) to Beng Run village, Samlaut district,
Battambang province. This initial fund was aimed at facilitating a
self-help group member (15 families) whose families were in destitute
condition, in order that they can use it to extend bean cultivation
capacity among their group members. The overall goal of this fund
was to allow these poor people to help produce more crops so that they
are secured long term self-sufficiency. Most of the loan was allocated
for short term agricultural productivity with a very low interest rate.
Today, May 28th 2004, these poor families return the loan back to CVD. It is admired that a very small amount (approx $13/family) can change lives from the desperately destitute condition of this self-help group to self-reliance within just more than two years' time. Now the group secured their own revolving fund and successfully returned the loan with interests to CVD, whereas, CVD brings this capital to invest with other new groups in the nearby villages. These steps of promotion and extension of revolving funds to new groups will continue to help other underprivileged community members where it is needed. 
Click to enlarge Savings and credit activities are considered to be an appropriate focus for SHGs because they meet important needs of the members and foster a high level of self-reliance. In rural Cambodia where formal financial institutions are virtually non-existent, this focus ensures these poor people get access to credit sources that are not available otherwise. It is also a good focus for groups because it keeps people interested and motivated. Saving in small SHGs is not really saving in a conventional way, but this is to help their survival and day-to-day living. The word saving here is used for simplicity its actual action. It is not money kept aside for a specific purpose and not even available to withdraw at will. It is simply a regular contribution or investment by members to have access to a small credit scheme within their group. This contribution is generally made through practice of thrift. Such small amounts of savings as the members make in SHGs do not look very attractive. Even savings of ONE YEAR of members may not be a significant amount. However, people together, saving in a group can look large enough for members to realize the potential use of such a fund. |
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Cambodian Vision in Development
Battambang, Cambodia