Victor is an artisan who specializes in traditional hand-carved wood masks and sculptures. He would like to invest in strengthening his stock of products as well as developing new designs. Victor has been selling through NOVICA since 2003. This is his story:
Victor was unable to study beyond elementary school due to financial difficulties. "I joined my brother-in-law, who was a master carver, specializing in traditional African objects. Since 1999, I've worked independently with ten experienced carvers. We use a hardwood known as sese for carving our masks. We use sandpaper and polish to achieve a smooth object of good quality. I use paint, metal plates and sometimes clay to decorate and preserve our works."
"I would like to convey to you my gratitude for this interest-free microcredit. May the good Lord richly bless you."
Novica is an e-commerce website that allows artisans around the world to sell unique, high-quality goods directly to consumers. It also offers small loans to help artisans in the developing world start and grow their businesses. It’s possible to buy goods created by the artisans you help fund on the Novica website.
Repayments on Novica loans are tied to artisan revenue. This means that if an artisan has a good month, they will pay back more -- or less during slower months. To accommodate this, all repayments on this loan are due at the end of the loan term. Any repayments received before this deadline will be considered pre-payments, but will still be distributed to lenders as usual.
Because Novica is not a microfinance institution, Kiva’s risk rating system is not applicable. Kiva has conducted onsite due diligence, and Kiva’s Investment Committee approved the organization as a partner. Novica offers artisans loans at 0% interest.