Ricardo is a Mexican artisan specializing in original leather bags. He would like to invest in the purchase of quality leather, lining materials and metal fixtures to continue production.
Ricardo has been selling through NOVICA since 2005. This is his story:
"I have always loved to design, even as a kid. I have a little workshop and I've developed an artistic sensibility for contemporary fashion trends, which I transmit through my designs. I believe today's fashions require innovative and daring designs, and this is what I aim to do with my work. I combine tradition and vanguard in my designs, creating practical accessories that are proudly made by Mexican hands."
"The international economic situation is making it so that artisans must pull together to face the adversities of everyday life. This makes us reflect on the capacity that we have to work together as a team, and so move forward. Your support through this microcredit makes you part of our team, and together we head toward the success of Mexican and international artisans. Thank you!"
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.