Nonyem is an artisan who specializes in handcrafted jewelry. She would like to invest in the purchase of new hand tools and equipment for her workshop.
Nonyem has been selling through NOVICA since 2007. This is her story:
"I was born to a Nigerian father and Ghanaian mother, so I grew up both in Nigeria and in Ghana over different periods of my life. I originally studied law, but have always had an interest in jewelry and been intrigued by the different techniques and very unique designs. My creative inspiration comes mostly from within, and also from nature. I use everything that catches my fancy and I particularly like to incorporate recycled materials in my designs. I am constantly seeking to do what nobody has done. I work with two permanent artisans, and I occasionally teach and work with young women who have dropped out of school and have no other opportunities to earn decent wages and be productive in their lives. I offer them a choice to do something with their lives.""Thank you for showing your support of my work by funding this microcredit."
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.