Pedro is a Guatemalan artisan who specializes in handcrafted silver jewelry. He would like to invest in the purchase of sterling silver and jade to increase production.
Pedro has been selling through NOVICA since 2011. This is his story:
"When I was 20, I began working in a silver workshop and my passion for making handcrafted jewelry was born. I specialized in engraving silver and have had my own workshop since 1980; it's a simple place, but I have all the tools and space I need to work. We are very grateful for this wonderful opportunity you are giving me and my artisan community in Guatemala."
"Thank you for supporting artisans from my country. This microcredit offers me the opportunity to continue crafting my jewelry. A big hug to you all - my friends!"
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.