Gilda is a Peruvian artist, who specializes in handcrafted jewelry. She would like to invest her loan funds in the purchase of silver and gemstones, to use in continuing production of her jewelry. Gilda has been selling through NOVICA since 2005. This is her story:
"My pride in my Peruvian heritage comes through in my designs. My intention is to transmit energy, art; my life is sharing with others these things that I feel. My jewelry is designed with geometric profiles and encloses the universal roots of form and meaning, echoes that reverberate from the earliest times of humankind. I rescue the energies that natural stones gave to the spiritual and mystical life of the ancient Nazca peoples, and our own ancestors."
"To everyone who contributed to this microcredit, please receive a big hug and blessings all the way from Peru, as a thank you for offering me your support in this way. The microcredit will make it possible for me to replenish my stock as well as create new designs that I'm sure you'll like."
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.