Ten Hungarian social enterprises participate in the program with a $10,000 grant for the two best to build their enterprise
October 26, 2011
On Saturday, October 22 Citibank Hungary employees joined Citi volunteers around the world to demonstrate their commitment to service during the company’s sixth annual “Global Community Day”. In 78 countries worldwide, more than 40,000 Citi employee volunteers participated in nearly 1,100 local service projects on this day. Citibank Hungary volunteers teamed up to run a revitalization project in a child care institution in Budapest.
NESsT and Citibank Hungary today announced the launch of their third joint social enterprise developing program in the for-profit sector. Ten businesses will be selected in a tender closing on November 14 to participate in this comprehensive management training and financing program. Applications of those businesses will be considered, which in addition to generating profit also aim to solve critical social problems by improving local communities through increased employment opportunities, access to health and education services, reduced energy and resource consumption, or other environmental programs.
Batara Sianturi, Citi Country Officer for Citibank in Hungary said, “Since the launch of our first program in the business sector in 2009 we have contributed to developing close to 30 for-profit social enterprises in Hungary. At the end of our previous program in September we decided to reward four businesses instead of the planned two due to submitting business plans of outstanding quality that had utilized the knowledge and skills learnt during our program. Based on the tremendous positive feedback we received from the businesses and Citibank volunteers, we are happy to continue the program this year with hope that together with our partner NESsT, we will be able to support spreading of social enterprises in Hungary.”
During the 10-month training that was developed based on a decade’s experience of NESsT, the participants will learn about market research and analysis, marketing and branding, operations and management, financial management, risk management and social impact.
“The business ideas presented and developed by the four competition winners of our previous program serve as good examples of the creative and diverse ways in which business philosophy can be combined with social goals. The winning social enterprises aim to solve different but equally critical social problems, through producing high-quality children’s books dealing with taboo themes, ensuring equal access to affordable internet services, promoting environmental awareness using innovative methodologies and constructing playgrounds while protecting the environment and building local communities. We are very excited about getting to know the new businesses which will develop their business plans with help from NESsT and Citibank in this year’s program” – Roxana Damaschin-Tecu, Enterprise Development Director for NESsT Europe also remarked.
At the end of the training participating businesses will develop a business plan which incorporates both financial and social aspects and the two best business plans will be awarded with a $10,000 grant each in support of launching and building their social enterprise. In addition, participants will also have opportunity to promotion through NESsT’s marketing channels and access to business mentors from Citibank and NESsT’s Business Advisory Network consisting of members of the business community.
Interested for-profit social enterprises can find detailed application criteria in Hungarian at NESsT’s webpage at http://www.nesst.org/?portfolio=citi-sme-iii-competition.
The program is organized with a grant from the Citi Foundation and involves assistance from Citibank volunteers that extends to evaluation of business plans, mentoring and giving presentations.
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