Wilfredo is a Peruvian artisan who specializes in hand-tooled leather furniture. He would like to invest in the purchase of raw materials, including leather and wood, in order to build up his stock of finished products.
Wilfredo has been selling through NOVICA since 2009. This is his story:
"When I was 13, in 1936, I went to work for a neighbor who crafted saddles. In 1954, I went to Lima in search of a better life. I saw a newspaper ad for a specialist to sew hemp by hand and was hired. The workshop crafted leather furniture, and, after a month, I took the place of the master craftsman when he retired. Today, my sons work with me. However, I've gone back to the traditional handmade techniques I learned at the beginning. I create the designs that once took us out of extreme poverty and opened a new path for us in this world.
Please receive a hug from across the miles as my way of thanking you for your selfless contribution to this microcredit loan. It will help me make more furniture, which in turn should help my sales."
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.