Ghanaian artisan, Daniel, specializes in hand-carved items, including traditional masks and drums. He would like to invest in the purchase of wood, goatskin, polish, and sandpaper for production.
Daniel has been selling through NOVICA since 2007. This is his story:
"I'm married and I have four children, but I also look after five other children. I had already worked in carpentry when my brother-in-law, Samuel, taught me the art of carving. I specialize in traditional masks and African drums, and I usually get a good response from people. However, due to financial constraints, I'm not able to produce more work to meet the demand. I love to create new designs, so I constantly work to diversify my collection. I have taught more than ten people how to carve, and they are now also well-established in this trade."
"I thank all the people who are supporting me to increase my business through this microcredit. It will also make it possible for me to pay my children's school fees."
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.