Zosimo weaves tapestries and rugs on a traditional Andean handloom. He would like to stock up on the wool and cotton yarns that he uses in his weavings.
Zosimo has been selling through NOVICA since 2002. This is his story:
Zosimo comes from a family of weavers in Ayacucho, renowned for its handicrafts. Like his grandparents and brothers, he works on a traditional handloom. Forced to abandon Ayacucho due to turmoil and violence, Zosimo and his family moved to an urban center where they faced innumerable obstacles. Nonetheless, his dedication has allowed him to succeed. His goal is to teach his children the textile art once they are old enough.
"I want to thank you for your much needed help. Sometimes, for a variety of reasons, I am unable to have a supply of all my designs available. But with your assistance, I will be able to keep a permanent stock of my designs and be able to have good sales at the end of this year."
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.