Isidoro is a Peruvian artisan who specializes in hand-loomed alpaca throws, apparel and accessories. He would like to invest in the purchase of larger quantities of alpaca yarn to increase production.
Isidoro has been selling through NOVICA since 2006. This is his story:
"I was forced to migrate in the 1970s when terrorist activities swept this region. I found a job as janitor in a textile factory. I was completely fascinated! At night, when everyone had gone, I began to experiment with the looms. The manager caught me and said I should start by learning how to assemble a loom. That was the beginning of a vocation, a great gift that I have now also passed on to my children.
"I would like to express to all of you my sincere gratitude for this micro-credit. We want to build up our stock of materials and finished products. Please receive a heartfelt hug and thanks all the way from Peru!"
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.