Manolo and his partner Lucho are Peruvian artisans who specialize in leather work. They would like to invest in the purchase of the raw materials they use such as leather, wood and glass, as well as the components needed for the production of mirrors.
Manolo, shown on the right in the photo (with his partner Lucho on the left), has been selling through NOVICA since 2005. This is his story:
"We both come from families with backgrounds in art. Our work is an artistic creation. We've worked together since 1994, and find it a source of great personal satisfaction. We both strive to transmit beauty and culture. We break all preconceived ideas by combining a distinctive Peruvian look with the art of dedicated masters, all beautifully crafted by hand.
"Thanks to your microcredit we are able to renew our designs to keep on top of trends while never letting go of our handcrafted techniques and essence."
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.