Thailand's Matta specializes in designing handcrafted jewelry. She would like to invest in a purchase of silver beads, pearls and gemstones for her jewelry business.
Matta has been selling through NOVICA since 2000. This is her story:
"Chiang Rai, where I am from originally, is home to many ancient ethnic tribes. I began to learn and developed a passion for gemstones and I derive great joy from sharing my creations."
"This micro credit loan will make it possible for me to lower my costs so that I can sell my products at competitive prices. I have to travel to Bangkok to buy all the materials, but if I can buy more at once I can save on the cost of traveling. Also if I can buy materials at a certain quantity, which always requires a large investment, I can save further. I have to pay everything in cash, especially the wages for my team, who I pay daily. This micro credit loan will really help me to add new designs as well. Thank you!"
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.