Peruvian artisan Miguel recycles metal pieces into sculptures. He would like to invest in new tools and equipment to design and shape his sculptures and also to increase the physical space of his workshop.
Miguel has been selling through NOVICA since 2007. This is his story:
"I'm a self-taught and impassioned artist. I was only 13 years old when I began to make my own toys. I used to tear apart other toys and use their components to create my own versions. That's how I got into making sculptures, but this time by recycling mechanical parts."
A message from Miguel: "With this microcredit I'll be able to continue working and developing as an artist, so thank you so much for your support."
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.