Isidoro specializes in alpaca apparel and accessories. He would like to create a stock of alpaca wool in the most popular colors.
Isidoro has been selling through NOVICA since 2006. This is his story:
Peruvian artisan Isidoro was forced to migrate in the 1970s when terrorist activities swept through his home region. "I found a job as a janitor in a textile factory. I was completely fascinated!" he says. "At night, when everyone had gone, I began to experiment with the looms. One night, the manager caught me and said I should start by learning how to assemble a loom. That was the beginning of a vocation, a great gift that I have now passed on to my children."
"Today I have a wide range of designs and I want to create even more. I was so pleased to hear about this interest-free microcredit program, as this will allow me to be prepared for the upcoming high season. I plan to stock up on alpaca wool in a variety of colors. My family and I thank 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.