Alberto is a master weaver who specializes in Zapotec rugs. To continue production he would like to increase his workshop's physical space and invest in the purchase of pedal looms and in raw materials such as wool.
Alberto has been selling through NOVICA since 2004. This is his story:
Alberto is the fourth generation in a family dedicated to weaving Zapotec rugs. "I remember as a child watching my father working on the loom while my mother and grandmother carded and dyed the wool so that the men could weave it. We shear the wool, spin it and dye it with natural dyes from cochineal insects, pomegranate peels, and bark from huajal, oak and pecan trees. Almost all the rocks and flowers here yield natural colors that we can use in our work. Words fail me to express how your support and trust make me feel. This interest-free microcredit will enable me to continue supporting my family and helping the people in my community that are looking for work. Gracias!"
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.