Rosario is the president of a women's weaving cooperative named To'ooneel Ixoq, which specializes in weaving accessories and hammocks. They would like to invest in the purchase of more cotton thread to increase production.
Rosario and the women of To'ooneel Ixoq have been selling through NOVICA since 2010. This is their story:
"We are a group of hard-working, creative and enterprising women with a desire to improve our lives, our families' lives, and those of our community. Our mothers taught us to weave when we were only little girls, and they also taught us how to dye threads with natural pigments to protect our environment. In fact, that is our specialty – our weaves are done with cotton threads dyed with tree bark, leaves and fruits. We go by the name To'ooneel Ixoq, which in the Tzutujil Maya language means 'Feminine Development.' We are a very united team, and the most beautiful thing about being in this team is that we support each other, and we encourage members to create their own designs. Our dream is to one day have our own store and a community workshop, because at the moment we work from our own homes."
"With this microcredit we will be able to buy a considerable amount of cotton so that we may continue to weave. The more we have to sell benefits our families, and for that we 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.