Fermin is a Peruvian artisan who specializes in handcrafted jewelry. He would like to invest in the purchase of silver to increase production.
Fermin has been selling through NOVICA since 2005. This is his story:
"After school, I'd rush to my father's workshop to practice creating my own designs. Jewelry has been all I ever wanted to do, so I saw no point in going to university. I was able to dedicate more time to the workshop when I graduated from high school. We were able to attract more customers then, and the family's business began to increase steadily. My designs are inspired by everything I see around me, and by our ancestors' jewelry."
"I would like to express my gratitude for your support through this microcredit. It will allow me to purchase the silver I need to craft more jewelry to build up my stock, and so increase my sales."
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.