Rosa is a Peruvian artisan who specializes in handcrafted jewelry. She has been selling through NOVICA since 2004. Rosa is requesting a loan to purchase quality leather and silver for production. This is her story:
"When I was very young, my family saw my natural instinct for drawing, so they found an art teacher for me. Thus I followed this path, and I found it more and more beautiful. I'm a painter, but as a girl I learned all about leather, as my father worked with tanners. I design and work with leather, and I also craft jewelry. With both, I select the very best materials. I love to mix natural elements with silver. I would like to thank you so much for supporting me through your microcredit. Hugs and kisses all the way from Peru!"
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.