Juan is an artisan from Peru who specializes in handcrafted sterling silver jewelry. He would like to invest in the purchase of sterling silver and natural gemstones for production.
Juan has been selling through NOVICA since 2004. This is his story:
"My wife Rosario and I once ran a clothing shop, but financial hardship struck. My wife was eager to design jewelry, and at first we relied on expert silversmiths. I was fascinated with the process and became an eager student – I now design and craft my own jewelry. My style is different than my wife's, and we are both proud to see how far we have come. I'm driven by a desire to excel and I strive to transmit beauty and quality."
A message from Juan: "Thank you so much for this microcredit, because it will make it easier for me to prepare a good stock for the coming holiday season."
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.