Putu Gede is an artisan and designer who specializes in handmade jewelry. He would like to invest in the purchase of silver to expand production.
Putu Gede has been selling through NOVICA since 2008. This is his story:
Putu Gede has been passionate about designing since childhood. "I love to create something based on traditional styles and combine them with a modern look. I've come to realize the importance of having a skill, so I've made a point of offering free training in silversmith techniques. My hope is that, by doing so, people in need will be able to earn a decent living and support their family."
"Thank you so much for your support with this interest-free microcredit, because it will really help me to continue my business. I just recruited a new silversmith to help us, and we still need capital to buy the material. All of you who have helped and supported me mean a lot to me. My deepest gratitude and love to all of 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.