Buana is an Indonesian artisan who crafts Bali's legendary silver jewelry. He would like to stock up on silver and gemstones to increase production. Buana has been selling through NOVICA since 2006. This is his story:
"I've been surrounded by handicrafts all my life. In 1990, I decided to focus on learning to make silver jewelry from one of my friends in Celuk. I learned it all, from the very basic skills like sanding, polishing, and making plates to very advanced techniques. I am thankful to God for giving me such a great gift, so I can make a living for my family. Not much, perhaps, but enough for our simple way of life.
"I really appreciate your help in funding this loan, which I will use to buy silver and gemstones. In the future, I want to create more new designs. I hope God blesses us and that this new year will be a good one. 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.