Odette and her family are artisans who specialize in making chess sets and sculptures carved from natural stone. To continue production they would like to purchase such raw materials as marble, onyx, and resins.
Odette has been selling through NOVICA since 2000. This is her story:
"I am from the beautiful Mexican state of Puebla. My father, Edgar, first opened the family workshop 30 years ago. Our town is renowned throughout Mexico for its carvings in onyx and marble. Raised in this artistic heritage, we began crafting tables and other items in onyx and marble. The art of sculpting marble and onyx demands patience and dedication, both of which have been cultivated over time in the family workshop."
"Thank you for taking part in this interest-free microcredit loan, because economic factors play a big role in our work. I am certain that your support will help us grow."
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.