Luisa creates fashionable apparel and accessories using the cotton grown by her family. She would like to purchase additional materials that complement her natural fabrics.
Luisa has been selling through NOVICA since 2010. This is her story:
"My story is really the story of my whole family, beginning with my parents. My father was passionate about growing cotton, a crop that originated with the Maya. We work with only three pure colors. Apart from the crude hue, we use a seed known as 'ixcaco' for the brown cotton. We call our third color jade. All the rest of our colors are a result of combining these three when weaving the fabric."
"I appreciate the opportunity this microcredit provides, as it will let us invest in materials to create new designs and increase the styles we can offer. This will benefit the women of 30 communities who work with us and make it possible for more of them to earn a living."
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.