Wijayana is an artisan who specializes in sterling silver and gemstone jewelry. He would like to purchase raw materials in bulk, including silver and semi-precious gemstones.
Wijayana has been selling through NOVICA since 2012. This is his story:
"When I was 10 years old, my parents, who are master silversmiths, told me to learn about making jewelry. I love this job! The nicest part of my jewelry is the uniqueness of its style. That it shows an ethnic influence makes it quite different."
"I would like to say thank you to everyone who has supported me through these microcredit loans. It really helps me to expand my sales, make new designs and craft more jewelry. I need the capital to buy raw materials so that I can have all of the jewelry designs in my catalog on hand and available for purchase. 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.