Mexico's Delfina specializes in hand-loomed Zapotec rugs. She would like to invest in a bulk purchase of wool yarn for her rugs.
Delfina has been selling through NOVICA since 2011. This is her story:
Delfina grew up with parents who were Zapotec rug artisans.
"When I was 18, I created my first piece. This is the art my parents dedicated their lives to, and it's what I know best," she says. "Through your support I'm able to preserve a family tradition. I appreciate your microcredit. It helps [us] to keep our dreams alive and continue doing what we love. Thank 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.