NESsT and Citibank Hungary today announced the launch of the "2009 NESsT-Citibank For-Profit Social Enterprise Development Program", the first of its kind in Hungary, which aims to support the development of for-profit social enterprises in Hungary. The program will be critical in raising awareness of and providing support to a newly emerging type of enterprise, which, in addition to generating profit, also aims to solve critical social problems. Although operating in the private sector, these enterprises seek to improve local communities through increased employment opportunities, access to health and education services, reduced energy and resource consumption, or land conservation, and improved air and water quality.

Batara Sianturi, Citi Country Officer for Citibank in Hungary said, "This new program is focusing on building the capacity of small businesses in Hungary by providing them with capacity building tools, business knowledge and advisory both from the representatives of our partner NESsT organization and Citibank employee volunteers. Three organizations that submit the best business plan will also be awarded with a grant of US$ 10,000 from the Citi Foundation to support further develop their social enterprise, forms of businesses that today are gaining more and more importance by generating jobs and stimulating economic growth while preserving the environment."

The 10-month program reflects NESsT's work of having developed the field of non-profit social enterprise in Central Europe for the past ten years. In this case, NESsT is extending its experience and methodology to for-profit social enterprises.

Fifteen for-profit social enterprises that fulfill criteria and apply successfully before 16 February will be invited to participate in a comprehensive management training and financing program. The program is made possible thanks to the generous support from Citi Foundation and the voluntary assistance of Citibank employees.

Participants will learn skills in market research and analysis, marketing and branding, operations and management, financial management, and social impact, and the final result will be the development of a business plan that encompasses these five aspects. Participants will also have access to business mentors from Citibank and NESsT's Business Advisory Network, composed of members from the business community, as well as to promotion through NESsT's marketing channels. The three most successful business plans will be awarded a grant of US$ 10,000 from NESsT and Citibank.

Interested for-profit social enterprises should download and complete the Application Form and send it to NESsT via e-mail by 16 February, 2009. Selected enterprises will be short-listed on the basis of their Application and will be invited to participate in the first training scheduled to take place in March 2009.