Ibrahim is a master carver in Ghana who specializes in African masks and sculptures. He would like to invest in the purchase of wood, glue, sandpaper, and gas for his kiln.
Ibrahim has been selling through NOVICA since 2009. This is his story:
"When I was a child, I had to leave school at a very young age due to our family's financial situation. Eventually I learnt the wood carvers' trade from my uncle. The greatest challenge I have faced is not having enough funds to purchase the materials I needed to work. My greatest motivation comes from people's admiration of my work – their comments inspire me to continue. I am now happily married, I enjoy my craft, and I share my expertise with the students I teach. I love this art form!"
"I say a big thank you to the people who make it possible for me to get the materials I need through 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.