Peruvian artisan Fernando specializes in alpaca apparel. He would like to invest in the purchase of 100% alpaca yarn for production.
Fernando has been selling through NOVICA since 2011. This is his story:
"My artistic origins come from my family. My uncles worked in textiles and, little by little, they introduced me to this world. I love being able to translate materials into beautiful designs. My work means everything to me: it's what I love and cherish, and I love the fact that I can provide for my family, thanks to it.
"Many thanks for this great microcredit. It will allow me to buy sufficient alpaca yarn to build a good stock, especially in the main colors that I use for the designs you like most."
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.