Francis is an artisan from Ghana who specializes in hand-carved wooden masks and sculptures as well as in leather items. He would like to invest in the purchase of more local woods, polish, sandpaper and glue.
Francis has been selling through NOVICA since 2003. This is his story:
"I come from a family of traditional wood carvers. While at school, funding was becoming difficult, so during weekends and vacations, I would visit my father's workshop and assist him by carving some products for sale. The realization eventually dawned on me to stay on, work on my own designs, and display my own woodcarvings. I opened a new workshop, which my sister and a cousin manage, and together we preserve the family legacy."
"Thank you so much for taking part in this microcredit, because it will help me increase my stock. I pray that you keep on doing what you're doing to be able to support artisans like me."
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.