CREDIT's mission is to provide inclusive financial services tailored to the clients' needs through excellent services and positive relationships while maintaining organizational sustainability. CREDIT provides agricultural loans, dollar loans for individual and solidarity group borrowers, savings options, and local currency loans.
As a microfinance institution, CREDIT provides loans to small startup entrepreneurs as well as capital investment loans to established business in Cambodia. CREDIT is also distinctive as the institution also provides a savings program.
- Loans - The majority of clients borrow in groups of 2 to 5 members. These group loans range up to 2 million riel or US$500. Repayment terms are as flexible as terms for individual loans, with the additional benefit that in most cases clients are not required to have physical collateral.
- Savings - CREDIT's clients currently have more than US$334,000 on deposit, including term deposits, current accounts and compulsory savings. Non-borrowers receive an annual interest of 3% on the Riel, while borrowers receive 7.2% annual interest without a service fee.
CREDIT is also involved in community outreach initiatives involving Recreation facilities and Scholarship programs.
CREDIT offers services covering the provinces of Kampong Cham, Kampong Chhnang, Siem Reap, Phnom Penh / Kandal, Prey Veng Kampong Speu, Takeo and Battambang. CREDIT's target clients are Cambodian people low/medium standard of living and have the specific intention to develop their family livelihood. It has over 18,000 active borrowers of which 95% are women.
A sample client impact study conducted in October 2005 showed that since joining CREDIT:
- 61% of clients surveyed experienced an increase in their income.
- 44% experienced an increase in their income of over 100%.
- 81% of clients surveyed were able to increase their assets.
- 71% of clients surveyed said their diet had improved.
Mrs. Bopha opened a small shop with her husband in 1993, they sold numerous goods, but still only made around $5 a day. In 2003 they applied for a loan at CREDIT in order to expand their business and sales. Since 2003 they have received a total of four loans which has enabled them to increase their income substantially. They were able to buy land, send their children to school, and increase the quality of life for their family. Full Story