Pablo is a Guatemalan artisan who specializes in handcrafted jewelry. He would like to invest in the purchase of fine silver and raw jade, as well as in motors for polishing his jewelry pieces.
Pablo has been selling through NOVICA since 2011. This is his story:
"I dreamed of being an artisan since I was a little boy. My first piece of traditional silverwork was a Maya design bracelet with quetzal birds, crafted when I was 11. Today I dream of being able to leave my daughter an art that has been in our family for several generations.
"I would like to thank you for your support of traditional artisans. This microcredit will make it possible for me to purchase sufficient materials to keep us working. It means that four families will benefit from your microcredit, since we'll be able to craft more jewelry pieces to sell. I would also like to thank you for trusting in us through this great adventure."
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.