Diego is a Guatemalan artisan who specializes in hand-carved wood art. He would like to invest in the purchase of wood sealer, a band saw and sustainable local woods like mahogany, cedar, granadillo, guachipilin and coffee.
Diego has been selling through NOVICA since 2011. This is his story:
"What I enjoy the most about my work is also my biggest challenge: creating new designs. Wood is a noble element, totally transformable, that gives you a lot if you know how to work it, treat it and take care of it. I remember with much gratefulness a companion in the first workshop where I worked. He took a lot of time to teach me things I never imagined possible to do with my hands. Now I spend some of my time teaching the young people who work with me."
"May God bless you for offering me this microcredit; you are like angels! By being able to purchase what I need I'll be able to continue working along with my team, which means we'll be able to continue providing for our families. The fact that you are offering me your support is something I will always cherish in my heart."
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.