CambodiaYou Somnang
With a loan of EUR 6,200 Somnang is able to start growing pepper and improve her standard of living.
€6,200
3.00%
24 months
6 months
EUR
Currency| Amount | €6,200 |
| Interest | 3.00% |
| Maturity | 24 months |
| Repayments | 6 months |
| Currency | EUR |
The project
Mrs. You Somnang, 52, working as a farmer with her husband, growing Durian and Rambutan (kind of tropical fruits) for more than 15 years to earn as a main income to support their family. This couple have one married child who earn to support the family as well.
To earn an additional income, Mrs. You is asking for a loan to grow pepper as she believes is a great investment to improve her standard living.
| Company name | Phillip Bank |
| CEO | Somnang You |
| Founded | 2001-01-01 |
| Location | Memot |
| Sector | Agriculture |
| Turnover | €12,367.56 |
| Employees | 1 |
Impact
Phillip Bank is a microfinance institution in Cambodia that invests in people and their businesses via Micro-loans. By providing working capital to local entrepreneurs, they enable people in Cambodia to further expand their businesses and reach their potential for business growth and job creation.
Micro-loans are an effective tool against poverty. Research has shown that communities with more viable small local businesses have more balanced economies and higher average prosperity levels. Their turnover mainly flows back to their communities, ensuring economic growth and stability. The capital provided by Phillip Bank works towards sustainably improving families' financial well-being in rural and urban communities.
SDG’s impacted
With this project you are contributing to the following Sustainable Development Goals:
SDG 1. No poverty
SDG 8. Decent work and economic growth
Read more about the impact you can make through our platform and the SDGs on our impact page.
- With this investment 2 jobs are created
- With this investment 8 lives are improved