Thailand's Sasina specializes in handcrafted jewelry. She would like to cover her team's daily salaries, as well as invest in the purchase of gemstones and other components for production.
Sasina has been selling through NOVICA since 2004. This is her story:
"I began by crafting my own jewelry while studying at university. Initially I made what I liked and sold some to friends. There is an important thing I would like to say to my clients worldwide. A part of what I earn with my jewelry will be donated to an orphanage. I would like to participate in giving these children a chance to grow and live, and so will you when you purchase my products. Thank you very much, from the bottom of my heart."
"To craft jewelry at a good price I need to buy stones and accessories in bulk. In addition, I need to pay my assistants daily even though I don't have enough orders to give them work at the moment. Thank you very much for your microcredit."
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.