Nengah is a Balinese artisan who specializes in hand-carved wood animal sculptures. He would like to invest in the purchase of larger quantities of wood so that he can increase production.
Nengah has been selling through NOVICA since 2004. This is his story:
"From an early age I loved natural things: plants, animals, birds, and sea life. When I was still quite young I knew I had an ability to translate nature into artful things of beauty. Although I have no formal art training and work purely from my own inspiration and intuition, I know what looks good and what doesn't look right in a carving. I particularly want to create wildlife and other animal themes in an exact, realistic, and original way."
"Thank you for your support through this microcredit. For me it means an opportunity to continue making my business grow, so many thanks to you all!"
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.