Kadek is a Balinese artisan who specializes in handcrafted jewelry. He would like to invest in the purchase of larger amounts of silver and natural gemstones to increase production.
Kadek has been selling through NOVICA since 2006. This is his story:
"I was born into the world of jewelry-making. My parents and most people in my neighborhood are silversmiths. My parents used to say, if you make something, don't use only your hands but also all of your heart. This way everything you make will have spirit. I really want to reach success in life, especially in silver jewelry, because I want to continue the family tradition and also be able to support my youngest brother's education. He is still in secondary school and I want him to get a better education than I did."
"Thank you so much for this micro-credit, because it will make it possible for me to increase the capacity of my jewelry production. It is an opportunity to make more space for creation, and it will also make it possible for me to invite other silversmiths to join my workshop. 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.