Komang is a Balinese artisan who specializes in handcrafted sterling silver jewelry. He would like to invest in the purchase of silver and gemstones to increase production.
Komang has been selling through NOVICA since 2002. This is his story:
"At first I did not show any interest in the creation of silver jewelry and instead learned to carve wood. However, during secondary school, I eventually became drawn to the creation of fine silver jewelry. Due to harsh economic circumstances, I had to work after school. I walked far everyday to Celuk, a village renowned for its silver and gold jewelry where I began to acquire the elements of my craft.
"Thanks to all of you for your support and for offering me this microcredit, which will make it easier for me to purchase the materials I need. I wish to promote my collections so that many more people can see them, and hopefully my sales will increase over last year. If that happens, it will really help us here. Thanks and 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.