Margarita is an artisan specializing in traditional Peruvian ornaments. She hopes to create more job opportunities in their community, for which she would like to invest in the purchase of more raw materials such as hand-woven textiles, miniature doll pins, and fillings.
Margarita has been selling through NOVICA since 2003. This is her story:
"My mother Martha and I have been crafting holiday ornaments since 2002. We use traditional materials in innovative ways, combining ribbons and fabrics with miniature people, beads and tiny straw baskets. We wanted to make something pretty, and I wanted to be able to stay at home with my baby, Lorenzo. This satisfies both my creative needs and my role as the mother of a busy toddler."
"We empower women artisans and weavers by purchasing our raw materials from them, and then we craft our own products in our workshop with them. In that sense, this microcredit is also going to benefit them as well as us, and for this we thank you so very much."
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.