With no collateral, credit history or access to formal financial institutions, the majority of families living in poverty are “unbanked” and unlikely to qualify for traditional banking services. This means that no matter how hard they work, it is almost impossible for families in developing communities to build a brighter future.
However, thanks to you, families are receiving a hand up in Cambodia. By providing access to micro-loans, families can receive much needed funds to repair their homes.
This includes Bumak’s family. For work, Bumak often takes his son Thanat with him to sell ice cream from his motorbike and sidecar.
Bumak’s wife Yeo, contributes to their income by working in the garment industry. Despite this, they were unable to put aside enough savings to build a safe and decent home for their family. With no proper roof over their home and dirt flooring, the family was in need of better living conditions.
Dirt flooring in Bumak’s home
A microloan has meant the family have been able to build a new roof, tile floors and new doors on their house with Habitat for Humanity, providing them with a safe home where the whole family could live together.
New tile flooring in Bumak’s home
A secure roof over their heads!
“As we were building the new house, my wife and I rented a small room not far away,” says Mom Bumak. “It was unsafe for the children to live in our previous home and the children stayed with our parents then.”
Once the loans for the new roof, floor and doors are paid off, Bumak and Yeo plan on taking another microloan to convert the upper room of their home, currently a storage room, into an additional bedroom.
With your support, Bumak, Yeo and their two kids can have the foundation for a brighter, better future. Microfinance programs like this not only allows families to access housing, but plays a key role in empowering families to have a say in their future. It paves the way toward financial independence.
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