David specializes in weaving wool rugs and tapestries. To expand production, he would like to invest in a bulk purchase of cotton and alpaca wool. David has been selling through NOVICA since 2000.
This is his story:
David's grandparents and parents were weavers who inherited this art from their predecessors. "I essentially learned through observation. Nevertheless, I have taken several textile courses. My work focuses on resuscitating our ancestral culture and linking it to the present. I work with my family, and our materials include wool, cotton, and both natural and artificial dyes. For the natural dyes, we cultivate the plants ourselves, including walnut, tare, molle and alder. Everything we do, we do with love and a high regard for quality and professionalism. We work very hard to weave the best possible finished product. I would like to thank you very much for this microcredit. I am certain that it will help our business immensely."
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.