Jose Antonio is an artisan who specializes in sterling silver jewelry. He would like to invest in a bulk purchase of silver for his designs. He has been selling through NOVICA since 2012. This is his story:
"I've worked with silver jewelry since 2009. At first, I saw it as an opportunity, and learned the crafting techniques. But as time passed, I realized it was more than this, that designing is a way to express art through jewelry. Silver jewelry, and especially filigree, has a special attraction for each person. I feel proud of my work."
"I would like to thank everyone who has contributed to this micro-credit for their support. It is comforting to know that our art is both valued and appreciated."
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.