SoloVida is a wife and husband team specializing in handcrafted beaded jewelry. They would like to invest in the purchase of raw materials such as terracotta, batik bone, and recycled plastic beads to continue production.
Solomon and his wife Vida have been selling through NOVICA since 2008. This is their story:
"We are a wife and husband team working as SoloVida. We work with all kinds of materials from all over the globe, from traditional glass beads from Krobo and brass beads from Kumasi, to natural materials such as horn, coconut, bone and resin from Mali and Kenya. We also use trade beads that originate anywhere from Venice to China. It is our dream to establish international links and become known to the world of bead designers through exhibitions, exports, and training other jewelry designers. We hope to establish our own bead designing workshop one day, to create our own beads and supply others as well."
"Thank you for helping to fund this microcredit; it is of tremendous support for us!"
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.