Balinese artisan Nyoman specializes in handcrafted sterling silver jewelry. He would like to invest in the purchase of such raw materials as silver and natural gemstones to build up his stock.
Nyoman has been selling through NOVICA since 2003. This is his story:
"I began learning to carve wood when I was in elementary school. My grandfather, an architect of traditional Balinese buildings and also a senior carver, was very supportive of me. Then my father introduced me to a leading silversmith in my village, and I began to learn from him. Now I make use of my carving ability when creating silver jewelry."
"Thank you for supporting me through this microloan; with this support I'll be able to have some capital to build up my stock. May life reward you accordingly. Thank 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.