Francisco specializes in handcrafted sterling silver jewelry. He would like to invest in a bulk purchase of silver to expand production.
Francisco has been selling through NOVICA since 2004. This is his story:
"I am the second generation of jewelers in my family, and now my daughters have also chosen this vocation. My designs are inspired by pre-Hispanic codices and the folklore of my country that I love so much. I sign my work as 'Citlali', meaning 'Star' in the Nahuatl language, so everyone wearing my designs has a star to keep them company."
"I feel honored to be considered a recipient of this interest-free microcredit. I am confident it will help us grow as we face some challenges at the moment that are affecting production."
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.