The daughter of a silversmith, Yuli specializes in handcrafted Balinese jewelry. She would like to invest in a bulk purchase of silver.
Yuli has been selling through NOVICA since 2005. This is her story:
Yuli was born near Celuk, renowned for hand-crafted silver and gold. "My mother is a silversmith. After finishing her housework, she spends the rest of the day working with silver. She taught me the art, and it allowed me to pay the tuition for my education. My husband is also a silversmith. We work together, complemented by our different backgrounds."
"I send my deepest gratitude to all of you who are supporting my efforts. I look forward to increased sales in the upcoming months as a result of this microcredit. 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.