Cerapio is a master weaver from Peru who specializes in the Ayacucho style of tapestries. He would like to invest in the purchase of wool yarn and cotton thread to increase production.
Cerapio has been selling through NOVICA since 2000. This is his story:
"I was forced to leave my home in Ayacucho during the 1980s. Terrorists were bleeding my people to death and there seemed little hope. I inherited my passion for weaving from my parents and grandparents. But the quality of my work is the result of my long experience, and the product of my careful observation over the years. I draw inspiration from our ancient Peruvian cultures, Andean village life, and our snow-capped mountains.'
"Thanks to your support, I've grown as an artist, not only through sales, but also by developing many more designs. I thank you for your support with this microcredit."
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.