Teodoro, working alongside his family, specializes in handcrafted jewelry. He would like to invest in a bulk purchase of silver, given that the current price of silver is at its lowest point in years.
Pictured here with his sister, Ruth, Teodoro has been selling through NOVICA since 2012. This is his story:
"My artistic formation came from my dad during his work as an archeologist in pre-Hispanic sites, and later as the curator of a museum. That's when I became inspired to craft jewelry with designs and motifs unique to ancient Peru. One of my most cherished moments was when I had a small workshop and my children, Carlos and Alicia, were with me while I was cutting gems by hand. Then we put the gems through a little machine to perfect the contours. I love the idea that foreigners can share part of our history through my designs."
"I would like to send my gratitude and a big hug to all of you for this micro-credit loan. It is such a great feeling to know that there are people like you, who live faraway and know me only through a photograph, and yet you trust me with this credit."
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.