Juan is a Peruvian artisan who designs and crafts jewelry that features Andean silver and gemstones. He would like to buy materials such as silver and gemstones in order to increase production. Juan has been selling through NOVICA since 2004. This is his story: "My wife Rosario and I once ran a clothing shop, but financial hardship struck. We were both interested in designing jewelry, and at first we relied on expert silversmiths," he said. "I was fascinated with the process of making jewelry and became an eager student – I now design and craft my own jewelry. My style is different than my wife's, and we are both proud to see how far we have come. I'm driven by a desire to excel, and I strive to transmit beauty and quality. My jewelry comes from my inspiration to bring out a woman's natural beauty. Thanks to you, I've been able to be a part of this great endeavor. I appreciate your assistance with this microcredit."
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.