Fred is the head of a family of artisans in the Volta region of Ghana that specializes in traditional kente weaves. He would like to invest in the purchase of larger amounts of cotton yarn, for increasing production. Fred and his family have been selling through NOVICA since 2001. This is their story:
"We are a family of weavers who have been weaving kente cloths since 1821. Although the fratricidal wars have at one time or another endangered this ancient family business, the art has always been carried on or rejuvenated by another family member. I am the head of a family of twelve brothers and sisters - all kente weavers. Working on traditional looms, we use our whole body to work this intricate, ancient craft. Each color has its own meaning in Asante culture, and patterns are carefully chosen symbols, which the master weaver develops and names, often to honor people, historical events, or proverbs."
"We appreciate the initiative that offers us this microcredit, because it makes it possible for us to purchase the raw materials that we work with. Bank loans in Ghana are very expensive, so we thank you very much for your support."
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.