Felipe is a Peruvian artisan who specializes in alpaca shawls and scarves. He would like to invest in the purchase of alpaca yarn to increase production.
Felipe has been selling through NOVICA since 2012. This is his story:
"Ever since I can remember, I've been interested in all things textile. I formally stepped into the world of natural fibers in 1998, first with cotton knits and then alpaca wool. And just like with every new beginning, mine was very tough. To create something new and interesting, I look to my beloved Peru for inspiration, our cultural diversity, colors, and customs.
"Please receive my thanks and a hug for contributing to this microcredit. Be assured you will always receive a high-quality accessory that is made with love for this art while thinking of the person who will wear it."
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.