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Additional Information

Important information about Novica

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.

About Mexico

  • $15,600
    Average annual income
  • 20
    View loans »
    Mexico Loans Fundraising
  • $19,058,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD
Refunded
A loan of $700 helped this borrower to invest in the purchase of raw materials including copper, paint and enamels.
Repayment Term
12 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
Mar 27, 2013
Listed
Feb 22, 2013
Currency Exchange Loss:
N/A
Refunded:
Mar 18, 2013