Carmen is a Peruvian artisan who creates handcrafted silver jewelry. Carmen hopes to stock up on the materials she uses in her jewelry, such as silver and gemstones, so she can increase production.
Carmen has been selling through NOVICA since 2008. This is her story:
"It was through jewelry that I met my husband. He taught me so much, and is still by my side, helping me perfect my work and giving me his total support. I find a great deal of satisfaction in my work. For me, my art is a fusion of fantasy and reality. My artistic name is Zilhi, in honor of our daughter, and it means 'Star.' Now we both use this artistic name, as our art is also born from our union.
"I am so grateful to you who are giving us a hand with this microcredit, because you are permitting the development of our wonderful jewelry art. This craft provides us with an income for our families and also contributes to the development of our society. Thank you!"
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.