Javanese artisan Zayd specializes in making sterling silver and gemstone jewelry. He would like to buy natural gemstones and silver to make more jewelery to sell. He has been selling through NOVICA since 2005. This is his story:
"I learned to design and craft jewelry by coincidence. I wanted to create a gift for my wife's birthday, so I made a pair of earrings and she loved them! Many of her friends asked if I could make some for them, and that's how it all got started!"
"Many thanks for supporting us through your microcredit, because with it we can purchase the materials we need to increase our stock. This is such a great opportunity for us. Warm regards, Zayd."
Important information about Novica
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.