Putu is a Balinese artisan who specializes in ceramic tableware and decor. He would like to invest in hiring more artisans from his community to increase production. He has been selling through NOVICA since 2001. This is his story:
"I inherited a ceramic legacy from my mother, Made Tantri, who pioneered ceramic artistry in 1980. At first, she undertook the entire design and crafting procedure by herself, and developed a reputation for fine design and high quality. In 1990, when she passed away, I took over her work, and eventually opened a showroom in her memory. I find much inspiration in the luscious flora and fauna of Bali."
"We're happy at the opportunity to receive this microcredit, because with your support we'll be able to offer more work to other artisans in our community. We highly appreciate and are thankful to you for funding our microcredit. It means a lot to us, especially in promoting and improving our work."
Important information about Novica
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.