Emmanuel is an artisan who specializes in African masks and sculptures. He would like to invest in the purchase of raw materials such as wood, aluminum plates and paints.
Emmanuel has been selling through NOVICA since 2000. This is his story:
"After completing a course in auto mechanics, getting a job was difficult and neither my parents nor I could afford the high cost of the machinery I would need to set up on my own. I struggled while doing odd jobs, but I managed to save what I could until I had enough money to buy a small piece of land and put up a wooden store, but I didn't know what to sell. I started buying finished carvings, and in the evenings I learned to carve these beautiful items. My background in auto mechanics became very useful at this point because of my knowledge in cutting and designing of metals, as well as the skill I learned from my father who was a blacksmith. With constant practice, I entered the world of art. My inspiration comes through dreams, so when I wake up I immediately put the design on paper in order not to lose the idea."
"This new microcredit will go a long way to help build up my stock and grow my business. Thank you so much for your help."
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.