Victor is a Guatemalan artisan who specializes in hand-carved wood serveware. He would like to invest in the purchase of wood and paints to increase his stock.
Victor has been selling through NOVICA since 2012. This is his story:
"I work in wood. Like many people who work in this craft, I had a difficult childhood that helped me become a man who strives to get ahead. We don't use complicated or modern tools, just a lathe, a band saw, a drill and a polisher. Right after the terrible earthquake of 1976, there was just no money in Guatemala and I had to go to Honduras to sell my designs. Thank God, we were able to keep the workshop and get through those tough times.
"Thank you so very much for the opportunity to obtain this microcredit. It will make it possible for me to create new products that, so far, have only made it to the design stage, for lack of resources. May God bless 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.