Fermin specializes in weaving rugs. He would like to make a bulk purchase of wool and dyes to increase production.
Fermin has been selling through NOVICA since 2010. This is his story:
"My two brothers and I learned to weave on a traditional loom. I was ten when I began to weave with my father and, when I was 14, I became independent. We had little looms made to our size where we wove narrow textiles. Today, I weave rugs of wool and cotton. I have my own workshop at home and we all weave on handlooms powered by foot pedals. I enjoy designing and weaving new rug styles, a tradition in my town handed down for generations."
"Thank you for supporting my work through this microcredit. This is such a great opportunity, as it is often difficult to have enough funds to buy the quality materials I need in larger quantities and at a better price. May God bless you all."
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.