Maria is a Guatemalan artisan who specializes in hand-woven natural and recycled accessories. She would like to invest in the purchase of zippers, fabric and thread for production.
Maria has been selling through NOVICA since 2011. This is her story:
"After my mom died, I looked after my siblings. We always lived with financial constraints, below the minimum standard. That's why I grew up as a vegetarian; the situation forced us. I've been offering environmental education to a group of women, most of them homemakers, and we decided to call our group 'Enchanted Wings.' We want to fly--improve and charm clients with our products and history. People see me picking up wrappers in the street and ask why I want that 'garbage.' I tell them it isn't garbage, it's my prime material!"
"Thank you for your support! With this microcredit I'll be able to buy the materials I need, as well as afford to have more artisans assisting me. Thank you for appreciating my work, and many blessings to you."
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.