CambodiaVong Kongsreng
With a loan of EUR 4,400 Vong is able to purchase a large amount of clothes for his wife to sell in her store.
€4,400
3.25%
36 months
6 months
EUR
Currency| Amount | €4,400 |
| Interest | 3.25% |
| Maturity | 36 months |
| Repayments | 6 months |
| Currency | EUR |
The project
A resident in the Tbong Khmum province, Mr. Vong Kongsreng, is 28 years old. For the past 4 years, he has been growing cassava and sugarcane to making profits for support the family life expenses. And his family income also aided by his wife who is a clothes seller.
He is now asking for a loan to add more clothes to his wife store. He sees with this purchase will allow him to enlarge his wife business and increase his family profits as well.
Local partner Kredit will provide the loan, which has to be repaid in 36 months.
| Company name | Phillip Bank |
| CEO | Vong Kongsreang |
| Founded | 2013-01-01 |
| Location | Tbong Khmum |
| Sector | Wholesale / Retail |
| Turnover | €28,194.69 |
| Employees | 2 |
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 1 job is created
- With this investment 4 lives are improved