Faustino and his family specialize in alpaca and wool weaves, from throws and tapestries to cushion covers and handbags. He would like to invest in the purchase of larger amounts of alpaca and wool to continue production.
Faustino has been selling through NOVICA since 2000. This is his story:
"My parents and grandparents were artisans. So I learned at an early age to weave on rustic looms, to prepare the warp and spin the wool. Our family motto has been: I will never let go of either my grandfather or grandson's hands, for what I have learned from the elders, I will teach to the young. Based on this family philosophy, our work today represents the art that has been passed down from generation to generation within my family."
"We would like to thank you very much for your support. With this microcredit we'll be able to stock up on alpaca, which is essential for our work. We believe you must be very special people indeed for supporting us this way - we'll always keep you in our hearts."
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.