Salihu is a Ghanaian artisan who specializes in hand-carved masks and sculptures. He would like to expand his workshop by offering employment to additional carvers. Salihu has been selling through NOVICA since 2003. This is his story:
"Upon the death of my father, I was sent to live with one of my father's closest friends, a renowned traditional carver for the then Akwamu chief and the people of Akwamu. I worked with him for about 15 years, during which time I learned the styles and techniques of the Ashanti and Akwamu people. My work began to flourish and achieve recognition. Today, I have apprentice carvers working with me to learn the art of carving. I am always grateful to you for taking part in the funding of this microcredit. I will work hard to benefit from your assistance. May Allah bless you all."
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.