Higinio is an artisan from Mexico's Huichol community who specializes in traditional beadwork art. To continue production, he would like to invest in the purchase of larger quantities of beads, as well as in molds to make his masks. Higinio has been selling through NOVICA since 2000. This is his story:
"I was born in the Jalisco mountains of Mexico, in a Huichol village. I have followed in the family tradition of beaded artwork. I make my masks over paper-mache forms, and my wife and I place the beads on the masks one-by-one on an adhesive coating of beeswax. The designs are completely improvised and are inspired by our reflections and feelings at the moment that we're working. I hope that through them people will get a better understanding of the magic and meaning of the Huichol culture.
"Thank you for offering me the opportunity of this interest-free microcredit loan, because it means we can keep doing what we love to do. Many thanks!"
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.