Tiberio is an artisan who specializes in handcrafted silver and gemstone jewelry. To continue production he would like to invest in the purchase of natural gemstones and a kilo of sterling silver.
Tiberio has been selling through NOVICA since 2005. This is his story:
Tiberio was offered a job cutting gemstones by mere chance. "Thanks to my teacher, I learned the craft. I love the gems of Peru with all their beautiful colors. I combine them with silver; this is how each of my creations is born. I try to use these natural elements in different and unusual ways, with the authenticity of Peru inherent in my style. My inspiration comes from the stones themselves."
"It is so good to know that when times are hard we can actually count on the kindness of others. Thank you all so much for taking part in the funding of this interest-free microcredit."
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.