Nyoman is an Indonesian artisan who specializes in hand-carved Balinese masks. He would like to invest in the purchase of wood, and hire carvers to join him. He has been selling through NOVICA since 2002. This is his story:
"I learned to carve at a very young age. Handicrafts are becoming the main wage earners in my village. My experiences have led me to concentrate on carved masks. I learned to design from my father. This craft is taught and learned from generation to generation. The material I commonly use is hibiscus wood. It has good characteristics and it isn't too heavy."
"I used to have a thriving business, but then I got sick, and about the same time the artisans working with me decided to go work on construction sites. My stock decreased and so did my sales. That's why I am so happy to be given the opportunity to receive a microcredit loan. I am also very grateful to all of you for showing your support by taking part in this microcredit."
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.