Henry is a Balinese artisan who specializes in handcrafted jewelry. He would like to invest in the purchase of raw materials like sterling silver and leather so he can increase production.
Henry has been selling through NOVICA since 2009. This is his story:
"I was born in Jakarta, but I studied in the United States and traveled to Japan and Europe. Jewelry is my passion, and my work let me gain experience in jewelry design and crafting. I moved to Bali in 2002 and established my own workshop. My collections are influenced by my Indonesian surroundings and my admiration of Japanese artistry. Designing jewelry for men has become an intrinsic part of my lifestyle.
"I am really happy and grateful for this microcredit because it will help me to continue with my production. Thanks for all of your support and good thoughts, it really helps us grow."
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.