Alfredo specializes in handcrafted silver filigree jewelry. He would like to stock up on materials and purchase two kilograms of fine silver.
Alfredo has been selling through NOVICA since 2005. This is his story:
Alfredo comes from Catacaos in northern Peru. "Catacaos is considered the City of Filigree. I began to learn this art when I was 11 years old, with friends who taught me little by little. I enjoy it because a jeweler's work is a delicate art. I was awarded a scholarship to study with a professor from Israel and was even offered the chance to teach filigree there. But I love Peru too much to leave."
"I'd like to thank you for this microcredit. With it, I'll be able to buy more quality silver and offer new designs to my customers. It will also permit me to give the artisans who collaborate with me the security of steady work. I send you a heartfelt hug and my most cordial gratitude."
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.