Ahmed is a Beninese artisan who specializes in hand-carved jewelry boxes and figurines. He would like to invest in the wood, metal plate, polish and paint that he uses in his sculptures and woodwork.
Ahmed has been selling through NOVICA since 2008. This is his story:
"After completing my elementary education, I became a self-taught woodcarver. My creations are basically both decorative and utilitarian. My materials come from our environment, and I use various types of wood and plate to form different designs. I feel proud to have shown my art in Germany, the US, South Africa and Namibia."
"The first microcredit I received helped me enormously. I believe my second loan will let me improve my work and make it even better. I therefore ask for Allah's blessing for all the good people out there who have helped with this funding. Thank you!"
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.