Jose Antonio and his family are Peruvian craftspeople who specialize in colonial-style furniture. They would like to invest in the purchase of quality leather and wood to increase production.
Jose Antonio has been selling through NOVICA since 2000. This is his story:
"My family and I have created carved wood furniture with tooled leather for several generations. We proudly follow the traditions, incorporating contemporary teachings and designs to face new challenges. Our creations are totally handmade with love and quality. For us, embossing leather is a family tradition. My father inherited it from his father, and handed it down to us. When he was very young, my father learned to work with leather, making saddles primarily for fine Peruvian paso horses. Later he established a small workshop, where he achieved such a perfection that soon his products, totally handmade, gained great acceptance and prestige.
"I would like to give you all a big hug for supporting our work. We've been losing [out] on sales for not having a good stock of products, so this microcredit will go towards buying enough materials that will enable us to craft a strong stock of your favorite leather furniture pieces. It's hard having your own business, but you make it easier. Thank you for your support and good will!"
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.