Peruvian artisan Raquel and her husband Gregor specialize in alpaca gloves, scarves and hats. They would like to invest in the purchase of alpaca yarn for increased production.
Raquel has been selling through NOVICA since 2006. This is her story:
"My husband and I are dedicated to preserving Peruvian textile traditions. What draws us to weaving is the opportunity to work with natural fibers by rescuing ancient Inca weaving techniques. We love to see the transformation of loose yarns into garments and accessories. We help an Andean community by employing weavers on traditional looms who then help us finish each piece by hand."
"On behalf of our family we would like to thank you all so much for this microcredit, which is a great support for us. May God bless 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.