As an artisan specializing in jewelry, Kadek would like to invest in the purchase of raw materials such as natural gemstones and sterling silver.
Kadek has been selling through NOVICA since 2006. This is his story:
Kadek was literally born into the world of jewelry making. "My parents and most people in my neighborhood are silversmiths. My parents used to say, if you make something, don't use only your hands but also all of your heart. This way everything you make will have spirit. This is really true. My favorite activity is to combine the skill I have with the beauty of Balinese tradition and nature – like dance, carvings, beaches and landscapes – to create silver jewelry. I love something simple, comfortable and good to look at."
"The problem with not being able to purchase significant amounts of raw materials is that it slows down production when demand is high. I am grateful for your support through this interest-free micro credit, and I hope it can help me develop my business."
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.