Bali's Ketut specializes in intricate hand-carved sculptures. To increase production, he would like to invest in the purchase of larger amounts of wood.
Ketut has been selling through NOVICA since 2000. This is his story:
"It was my older brother, Made, who taught me to carve sculptures. I saved until I had enough to start my own workshop, and now I'm able to offer employment to other carvers from my village. Balinese culture and tradition inspire my artwork. As the son of a master carver, it is easy and enjoyable for me to transfer my imagination into my work. Through my art I do hope to provide a good life and a better future for my family, especially for my child.
"I am thankful for your support through this microcredit, because with it I'll be able to continue carving more sculptures. I believe that the more I make, the more I'll be able to sell and keep my workshop running."
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.