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A total of 12 winners in all attended, three each from the eastern, western, northern, and southern regions of India. They represented the millions in India and around the world who have used microfinance loans, small amounts of credit extended to entrepreneurs with no collateral, to change lives, communities, and countries. The Citigroup Micro Entrepreneur Awards have special significance as the ceremony took place during the UN-designated International Year of Microcredit, of which Citigroup is a global lead sponsor. In addition to the national winners, there were four runners-up and four winners in the Socially Responsible Micro Entrepreneur category. Joining the finance minister in honoring the entrepreneurs were Citigroup Country Officer Sanjay Nayar and Global Consumer Group Country Business Manager Sarvesh Sarup as well as prominent businesspersons who served on the jury that chose the finalists from among a field of 300. "Citigroup has identified the area of microfinance as a focus for our corporate social responsibility and have been encouraging non-governmental organizations (NGOs), or nonprofits, towards this end," said Nayar. "We have come to believe that this method for poverty alleviation, coupled with primary education for underprivileged children, is key to long term sustainable development in our country. "The grit and enthusiasm of the awardees is catching," he continued. "Every one of them is an example of the power of the desire for change. These individuals and their stories stand testimony of the quantum difference a more inclusive financial sector can make to our economy. We are Citigroup are delighted to play our part." Amaravathy Latha, the national winner from Chennai, exemplifies Navar's comments. A February 3 article for the Indo-Asian News Service entitled "Microfinance: One Small Loan, One Giant Leap for Entrepreneurs" told Latha's story: "Many homemakers see tailoring as an ideal way to pass time, but Amaravathi Latha, a struggling stay-at-home-mother of two, took to dressmaking on a whim with the hope that it would change her life. It did! "Nearly 12 years after she used a small loan, or microcredit, to start a garment business in her home in Chennai, recognition came Latha's way in the form of the Citigroup Micro Entrepreneur Award. ‘I never imagined I would reach this level,' she said smiling, embarrassed, as it were, to be caught with the trophy she has earned for herself." Latha's business that began with one sewing machine and a dream now has five employees and seven sewing machines that do special tasks such as embroidery. She is making a profit and better able to support her family. She also conducts training classes for girls who wish to enter the tailoring profession. "Truly, this award has helped open my mind to my potential," Latha said. Reena Mahanand, a native of Sambalpur in Orissa, won the award for setting up a video entertainment center. But according to the article, "The woman who shrewdly invested in a video player was too inhibited to talk.That's precisely why the award does the talking. The trophy not only salutes the enterprising spirit of these people, who mostly hail from poor or low-income families, but recognizes the increasingly important role microfinance institutions are playing in helping the business-minded." National and Socially Responsible Micro Entrepreneur award winners received a prize of Rs100,000 (US$2,300) while runners-up received Rs 50,000. In 1997, Citigroup was one of the first companies in India to identify microcredit as a key driver for social empowerment and sustainable development. Since then, Citigroup has partnered many NGOs in the areas of microfinance through employee volunteerism, grants, cause-related marketing and best practices sharing. Today, the efforts of Citigroup, along with its NGO partners, has had a positive impact on the lives of more than 900,000 women and their families. "About 240 million Indians are employed in this sector, earning daily wages as low as six rupees," Sarup told the Indo-Asian News Service. "Promotion of self-employment opportunities through micro-finance could energize the economy." According to estimates, some four million individuals in India alone have taken advantage of small loans to improve their lives. "It [the microfinance loan] could be for a new tool, a machine or a shop in the marketplace," said Sarup. "To build on the existing availability of Microfinance, we need to reach deeper into populations that are currently underbanked," he said. "By establishing these awards platform, we hope the commendable contribution of organizations and individuals in the sector will gain strength and give hope to the millions of poor yet untouched by the myriad possibilities that microfinance presents." |
