Iliana is an artisan who specializes in handcrafted jewelry and dolls. She also shares her work with other women in her community who work from home. She would like to invest in the purchase of raw materials such as cotton canvas for the dolls and wood pendants for the jewelry.
Iliana has been selling through NOVICA since 2010. This is her story:
"What I like best about my work is that I can do it with my family around me and I can take care of my little boy. It is so satisfying to share what I've learned with other women so they can get ahead with their own children. My dream is to help more people with the work I can give them, to see my family grow, and also to grow this project my brother started. Through our work, I hope people are better able to know our rich culture and heritage."
"I'm excited about this new opportunity! Through this interest-free microcredit I'll be able to purchase the raw materials I need in larger quantities, thus reducing costs. It will allow me to continue developing and sharing my art. Thank you very much for your support!"
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.