Pedro, his wife, and three children are Guatemalan silversmiths specializing in jade and sterling silver jewelry. They would like to purchase a diamond saw (used for cutting jade) as well as a stone polisher.
Pedro and his family have been selling through NOVICA since 2010. This is their story:
"After working for silversmiths for six years, we decided to open our own workshop. We are all involved in the family business. We've developed a good working relationship. Everyone specializes in a different aspect and we complement each others' work."
"Cutting and polishing jade is the most laborious part of our work, which is why we appreciate your microcredit very much. It will allow us to purchase the equipment we need to replace the old ones that keep breaking down and slowing down 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.