Nestor is a Peruvian artisan who specializes in alpaca accessories like ponchos and sweaters, as well as throws. He would like to invest in the purchase of larger amounts of alpaca to increase production.
Nestor has been selling through NOVICA since 2002. This is his story:
"I hail from Peru's Puno region, renowned for quality alpaca and sheep wool. I have been dedicated to the textile arts for more than 25 years; it has been a family trade for generations. When I first began to weave, I worked on the rustic looms that I built along with other family members. Together we sold our wares at local markets until we were able to acquire modern machinery, which in turn has allowed us to develop newer designs.
"Thank you all for participating in this microcredit. It is a great support for artisans like me, because it enables me to invest in the materials I need to increase my stock. It also makes it possible for me to develop my new designs which I hope you'll like. On behalf of many Andean families, including mine, I would like to send greetings filled with the same warmth of our alpaca wool, as well as our eternal gratitude! Many thanks, and best wishes for joy and prosperity!"
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.