Armando is a Mexican artisan who recycles auto, bike and motorbike parts, as well as discarded metal, into admirable sculptures. To continue his art work, he would like to invest in the purchase of welding tools.
Armando has been selling through NOVICA since 2005. This is his story:
"I grew up in a Mexican town famed for its traditional artistry, and I dreamed of creating something new. As a child I enjoyed inventing toys, and soon yearned to create a unique style of art. Environmentally conscious, I now transform recycled goods. I began to craft figures from scrap and discarded mechanical parts, mostly from cars and bicycles. Thanks to the creativity that God gave me, today I have an enjoyable and better way of life."
"Thank you for expressing your real and sincere commitment to our progress as artisans. This microcredit helps us forge ahead through difficult times."
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.