Laura del Carmen is an artisan who specializes in leather bags for women and men. She would like to invest in the purchase of quality leather, cotton fabric and threads to continue production.
Laura del Carmen has been selling through NOVICA since 2011. This is her story:
"When I was 11, I made my first purse as a birthday gift for my grandmother. It was a jute bag, embroidered by hand with a braided handle. My grandmother was thrilled and told me it was very pretty. I love my work. It is so satisfying to innovate, change, transform and see that there are people who like my designs and wear them. I'm pretty much self-taught, specifically in the area of handbags."
"Many thanks to all of you who are supporting me by financing this interest-free microcredit. It will allow me to purchase the necessary raw materials to continue crafting my bags. I will also be able to make the new styles that I've designed, but have been unable to craft for lack of capital. It is not always easy to find the funds required for my craft. Receive a big hug all the way from Guatemala!"
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.