Mumbai Citigroup India and Partners in Change have announced the first ever Micro Entrepreneur Award 2004 in India, to recognize and honor leadership, entrepreneurial skills and best practices of individual micro-entrepreneurs in India. The Award is being supported by the Citigroup Foundation, which has issued a grant of US$60,000 to the renowned non-governmental-organization Partners in Change. The grant will be used towards implementation of the award process as well as the prize money.
The aim of the Citigroup Micro-Entrepreneur Award is to:
- Recognize and honor Indian micro-entrepreneurs who have exhibited the best performance that has helped them to emerge out of poverty, create jobs, and add value to the society
- Analyze and disseminate select best practices derived during the award process
The Award, which is conceptualized and implemented by Citigroup
Micro-enterprises can be sustainable means for people to provide for their families, in most developing countries. These micro-enterprises, or the worlds smallest businesses represent an estimated 80% of total enterprises, 50% of urban enterprises, and some 20% of the GNP in these countries.
Announcing the Micro-Entrepreneur Award 2004 Sanjay Nayar, Citigroup Country Officer in India and Area Head, Sri Lanka and Bangladesh, said, Our commitment to support microfinance enables us to do what we do best, that is, create opportunity for institutions and individuals by using our global reach and local expertise to expand access to financial services. Citigroup embraces microfinance for a whole range of reasons, not least because it fits our corporate philosophy of helping people help themselves but because microfinance is of proven value in the global fight against poverty.
In 1997, Citigroup was one of the first companies in
In
- Society for Promotion of Area Resource Centre, Mumbai
- Friends of Women’s World Banking, Ahmedabad
- SEWA Bank, Ahmedabad
- Working Women’s Forum, Chennai
Viraf Mehta, Chief Executive, Partners in Change, said, It is our belief that equitable social development is an integral part of good business practice. By promoting partnerships between business, disadvantaged communities, development initiatives and government, we can contribute more effectively to the achievement of local development priorities within the global framework of the Millenium Development Goals. He added, When we were approached by Citigroup
Sarvesh Sarup, Consumer Bank Head, Citigroup India, said, Given the vast number of small businesses, it is hard to ignore their link to vibrant local economies. Micro-enterprises raise the quality of life in thousands of communities around the world. One microfinance loan can change the future of an entire family. Several such loans can change a community. Thousands of these microfinance loans can transform an entire economy. Yet, only about 5% of the worlds estimated 500 million low-income entrepreneurs have access to financial services that will help them start and build their businesses. We are delighted to have taken the lead along with Partners in Change to establish this Award.
In the last four years alone, the Citigroup Foundation has awarded more than $11 million in grants to 145 microfinance partners in more than 50 countries. The Citigroup Foundation’s grants are awarded primarily in three areas: Financial Education, Educating the Next Generation, and Building Communities and Entrepreneurs.