Oscar is an artisan who specializes in tooled leather home accents. He would like to purchase raw materials such as high quality leather, wood, and dye to expand production.
Oscar has been selling through NOVICA since 2004. This is his story:
When Oscar was 10 years old his father died, leaving him no choice but to work at different jobs. One day, when he was 12, he came upon a carpentry shop where he discovered his love for working with wood and leather. He resolved to master the craft, and he did so on his own, learning each step and improving every detail. Today, Oscar has his own workshop. He sees his work as an art form, and not just something to be sold. His says his work fills his life in a way he cannot explain.
"Thank you very much for being a part of this interest-free microcredit project in support of artisans. We don't have big factories and we don't have big machines. We practically do everything with our hands. There are periods where we fall on hard times, so I am happy to know there are people such as you out there who will heed our call."
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.