Made is a Balinese artisan who crafts silver and gemstone jewelry, by hand. Made would like to purchase additional sterling silver and gemstones in order to increase production. Made has been selling through NOVICA since 2002. This is her story:
"I come from a village long-renowned as Bali's center of silver production. My father was one of the senior silversmiths, well-trained in the jewelry arts. He taught me from when I was 12 years old until I got married. Though I graduated in anthropology, I decided to set up a workshop with my husband. We are now able to offer employment to more silversmiths in our village, and we specialize in traditional motifs and designs.
"This microcredit is really helpful to increase my stock and provide the capital to work. It is really needed to speed up the supply of items I market on-line. Thank you so much for your help to make this happen."
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.