Abel is a Peruvian artisan that specializes in tooled leather furniture and decor accents. He would like to invest in the purchase of fine leather, wood and various fixtures to continue production. Abel has been selling through NOVICA since 2000. This is his story:
"I have been crafting leather items since I was 16. My older brother, Hector, taught me. When I was 23, I opened my own workshop in my house. I cut and tool fine leather with a distinct style and skill that you won't find in many workshops. I design many beautiful Inca and colonial motifs, and emboss those upon the leather. I am especially happy and proud that my products are being sold all over the world through the Internet."
"I would like to thank you for offering me your support through this microcredit. It will allow me and my team to continue crafting items. This is a traditional art form that has allowed us to provide our children with an education, and pass down a beautiful art."
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.