Suwitra, from Bali, specializes in traditional batik and hand-painted apparel. He would like to invest in the purchase of larger amounts of fabric to expand production.
Suwitra has been selling through NOVICA since 2007. This is his story:
Suwitra designs and creates elegant wearable art through his unique ability to capture nature's beauty in clothing apparel. He masters batik and silk screening techniques as well as hand-painted motifs, which he transforms into colorful sarongs, scarves and stylish clothing.
"I am glad to have the possibility to receive this microcredit. I'll be able to buy the materials I need to build up my stock. Thanks to your support, I have an opportunity to develop my business. I hope this will also lead to more people that will really like my designs. Thank you so very much."
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.