Patrizia is an artisan in Guatemala who specializes in cotton and recycled rubber accessories. She would like to invest in the purchase of larger amounts of cotton gauze for production.
Patrizia has been selling through NOVICA since 2011. This is her story:
"I was born in Italy, but I fell in love with Guatemala, its people and culture; which motivated me to settle here in 2001. I began meeting people in the world of fashion design and was fortunate to become friends with one of Guatemala's most famous designers, who has been like a mentor to me. I'm always observant of styles and trends in international fashions, which I've blended with the colors and traditions of Guatemala. I am very serious about helping the environment, so I also recycle fabrics and other materials.
"Many thanks for supporting Guatemalan arts and crafts. This microcredit offers us the opportunity to purchase larger amounts of materials to continue production."
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.