Hector is a Guatemalan artisan who specializes in hand-carved marble chess sets and sculptures. He would like to invest in the purchase of materials such as marble and glue, as well as tools like a diamond saw, sand paper, and brushes.
Hector has been selling through NOVICA since 2011. This is his story:
"When I was 14, I met a person who worked sculpting marble. I started to work with him, and I liked it. When I was 16, I started working on my own. The first pieces I sculpted were from the Maya culture. I'm passionate about my work. I knew that it was mine from the very first time I saw the uncut stones. I'm sure that this is the gift God gave me: the ability to imagine, design, and carve marble sculptures.
With this microcredit loan, I'll be able to continue working on new products. Without it, I wouldn't be able to build up stock, so thank you very much."
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.