Rewarding good business and sustainable development: £80,000 available in microentrepreneurship awards
Microentrepreneurs in the UK can win “transformative” financial prizes in the Citi Microentrepreneurship Awards, now open for applications.
The UK’s most exciting awards for microentrepreneurs return to the UK to celebrate the impact and achievements of responsible finance providers and the inspiring entrepreneurs they support.
The Awards put the spotlight on an enterprising industry by rewarding great business and the finance that supports it, and bring together microentrepreneurs and responsible finance providers from across the UK. As in previous years, Britain’s microentrepreneurs that have accessed “responsible” business finance can compete for a share of an £80,000 prize pot.
Four prizes of £7,500 each are available for microentrepreneurs in categories that recognise their growth and environmental sustainability. Prizes will also be awarded to the social entrepreneur who has created significant social or environmental impact, and the Young Microentrepreneur of the Year. For the first time ever, these awards will be aligned to the UN Sustainable Development Goals, celebrating those whose businesses are contributing to economic growth, social and environmental wellbeing.
Responsible finance providers – the leading financial institutions offering affordable finance to many small and microenterprises – can also apply for awards, covering their impact and their resilience.. Awards will also be given to an industry leader and the Loan Officer of the Year.
Launched in 2005, (and in 2013 in the UK), the Citi Microentrepreneurship Awards were established by the Citi Foundation to recognise best-in-class microentrepreneurs and celebrate the responsible finance sector and their contribution to national economies. The Citi Foundation is committed to supporting the responsible finance sector, as well as youth entrepreneurs through its Pathways to Progress initiative.
The number of microenterprises continues to grow in Britain, with the UK’s 1.11m micro-businesses employing over 4m people – 17.6 per cent of the workforce.
A third of microenterprises access external sources of finance, and "the advice, mentoring, business support and skills development that responsible finance providers offer to their client businesses and social enterprises is just as important as the finance they provide," according to Jennifer Tankard, Chief Executive of Responsible Finance, who added,
“The Citi Microentrepreneurship Awards celebrate the innovation and drive that is behind local economic growth.
“Responsible finance providers support this success, not only with fair and affordable finance, but through developing the business skills of their clients. Last year they supported over 5,000 small and social enterprises, which created and saved over 12,000 jobs.”
To be eligible to enter the Citi Microentrepreneurship Awards, which are delivered in partnership by Responsible Finance and the Citi Foundation, a business must have benefited from an affordable loan from a responsible finance provider and have contributed towards local economic growth in the UK.
"The Citi Microentrepreneurship Awards are a celebration of the enterprises and local businesses that are the backbone of our communities. Year upon year, we see the increasing value of microenterprises in the UK, from businesses that have created jobs for marginalised youth, to businesses providing low-cost services for charities, or developing innovative and sustainable food sources," said Bob Annibale, Global Director, Citi Inclusive Finance and Community Development.
“This year we will be aligning the awards with the UN Sustainable Development Goals agenda and recognising businesses and responsible finance providers that positively contribute to economic growth and the social and environmental vibrancy of their communities.
"We are proud to support the Citi Microentrepreneurship Awards for the seventh year and are excited to see this year’s hardworking entrants and the innovative businesses they lead.”
The Citi Microentrepreneurship Awards are now open for entries. Details are here: http://responsiblefinance.org.uk/events/citi-microentrepreneurship-awards-201819
The closing date for applications is 9th November 2018.
