Wayan is a Balinese artisan who specializes in handcrafted jewelry. He would like to invest in the purchase of sterling silver for production.
Wayan has been selling through NOVICA since 2000. This is his story:
"I started to learn at the age of fifteen, as an apprentice in my village. After five years, I started on my own to produce original pieces that I sold to local shops. And slowly I was able to save enough money to make my own workshop at home, where I work still until this day. I am the eldest of three children from a family of artists, but I was the first in my family to work with silver.
"Thank you so much to everyone for your support through this microcredit. It will ease my efforts in preparing a replenishment stock. This microcredit will see my sales increase from year to year. Thank you so 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.