Zayd specializes in sterling silver and gemstone jewelry. He would like to purchase silver in bulk in order to expand production.
Zayd has been selling through NOVICA since 2005. This is his story:
Zayd learned to design and craft jewelry by coincidence. "I wanted to create a gift for my wife's birthday, so I made a pair of earrings and she loved them! Many of her friends asked if I could make some for them, and that's how it all got started!"
"This time of the year there are many jewelry pieces that I should be preparing in anticipation of the holiday season. I need some capital to get going, so I think this microcredit is a good opportunity for artisans like me to ensure we have a good stock in time. Thanks so much for this opportunity and for your support. I hope my collections sell well this holiday season, and I hope you will like them."
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.