Komang is a jewelry artisan from Bali who specializes in silver and gemstone jewelry. To continue production, he would like to invest in the purchase of raw materials such as sterling silver and natural gemstones.
Komang has been selling through NOVICA since 2012. This is his story:
"I was born in Celuk, renowned as the birthplace of silversmiths. When I was 10 years old, my parents, who are master silversmiths, told me to learn about making jewelry because someday, when I got older, I'd be able to make a living from this skill. I enjoyed creating new designs for my parents. I like drawing and I came up with a variety of jewelry designs. I even earned some money with this. I love this job! The nicest part of my jewelry is the uniqueness of its style. Although it shows an ethnic influence, it's different from other Balinese jewelry."
"I want to say thanks to all of you for supporting my work through this microcredit. I still have to prepare more stock, and I need a bit of support for this so I can buy materials. I hope that this opportunity will allow me to continue growing."
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.