Balvina is an artisan who specializes in arpillera, or Peruvian appliqué. She would like to invest in building up her stock of the fabric pieces she uses in her art.
Balvina has been selling through NOVICA since 2008. This is her story:
Balvina says, "This is a medium of expression for me to show the world how beautiful nature is, especially in the Peruvian Andes. I know it so well–-my roots are there, and my work depicts our traditions, customs and landscapes."
"I would like to send a big kiss to all of you for supporting me through this microcredit. I thank you from the bottom of my heart. All of this helps me in my work, and therefore in providing for my family."
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.