Alfredo is a Peruvian artisan who specializes in alpaca textiles. He needs to stock up on the alpaca wool he uses in his apparel and accessories.
Alfredo has been selling through NOVICA since 2001. This is his story:
"When I was but a small child I learned from my parents the best weaving techniques. Like me, they had learned from their own parents. This makes us a family entirely devoted to the world of textiles, and we have been for generations. Nowadays I combine knitting techniques, remaining true to Inca and colonial motifs."
"I want to express my greatest gratitude to all of you who are helping to fund this microcredit. Thank you so much for your faith in us. I send a warm, fraternal embrace to each and every one of 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.