Gregorio weaves traditional Zapotec rugs from wool tinted with organic dyes. He would like to invest in raw materials and build another loom. He also plans to use some of the funds to give maintenance to the looms he has, and to invite other weavers in the village to assist him.
Gregorio has been selling through NOVICA since 2004. This is his story:
"My grandmother would take me to buy wool. She'd wash it, card it, spin it and dye the yarn. By the age of 12, I could reach the pedals of the handloom. Ever since, I've woven rugs and now my sons have also learned our craft. My favorite patterns are of mountains and rows of diamonds because they remind me a lot of my father. I feel proud that my sons also weave. We are able to support our families without having to leave home."
"I am grateful for the confidence you have in me, in my work, and in the weavers who collaborate with me. You are helping me to continue doing what I love and making it possible for me to teach this craft to others."
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.