Nyoman is a master carver who specializes in Balinese masks. He would like to purchase larger amounts of wood to continue production.
Nyoman has been selling through NOVICA since 2002. This is his story:
"I learned to carve at a very young age. Handicrafts are becoming the main wage earner in my village. My experiences have led me to concentrate on carved masks. I learned to design from my father; this craft is taught and learned from generation to generation. The material I most commonly use is hibiscus wood. It has good characteristics and it isn't too heavy."
"At the moment I'm having trouble buying wood when I should be preparing my stock for the holiday season. I think this microcredit project offers us good opportunities, and so I thank all of you for your participation. Now I will be able to concentrate on carving and increasing my stock. I hope it will sell well so I can repay the loan within a short time period."
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.