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Annual Report 2017
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Mr. Chork Peng, with a smiling face full of hope, Mr. Chork Peng, 39 years old man, told us about his family life both before and after getting loan from LOLC.
“My wife, two daughters and I were living in a small house in Ang Samrorng Village, Kong Pisey district of Kampong Speu Province,” he said.
Before access to LOLC’s loan, Peng worked as a taxi driver and his wife, Suos Naihort, 28 years old, worked for a garment factory. Because of their jobs, they needed to leave their two daughters, Peng Laiseang and Peng Laisorn, with their parents while they were away from home for work. But their incomes were still not enough to support their family’s demands and they worried that they would not be able to support their children enough to go to school.
“The expenses were too much, sometimes more than what I earned,” he said.
Mr. Chork Peng
Peng was introduced to LOLC in 2011 by the Chief Villager. His first loan was US$1,500, for growing rice and cassava. He bought fertilizers, cassava trees, and hired a tractor for plowing the field. The income from selling rice and cassava was enough to easily repay the loan, so Peng and his wife decided to get a second loan, US$4,500 to run a new business, selling ice to people in their village in order to generate another source of income in addition to farming and cassava. Peng began making profit from this business and at the end of the second cycle he bought an ice-breaking machine to further meet the needs of costumer. As a result of strong profits, Peng paid back this loan successfully and got a third, US$12,000 loan. It was mainly to buy a-small-truck van delivering ice to grocery stores or household within and nearby the village to increase sale amount.
Peng had such great success with LOLC’s loans that he now has a farmland for growing seasonal crops, a new house, a motorbike, a bicycle and a radio. He now earns more than US$15 per day as profit from his business and has enough money for his two daughters to receive higher education.
“I’m happy and thankful to LOLC for offering loans,” he said. “LOLC enables people to do business. Their good customer service is so easy. Their staffs are very friendly; they smile. It is not intimidating to speak with them.”
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