Representatives of twelve social enterprises from the NESsT-Citibank Social Enterprise Development Programs participated in an interactive roundtable discussion with Citi's EMEA Consumer Bank CEO, Marc Luet

July 16, 2012

On July 10, fourteen representatives of twelve social enterprises from the NESsT-Citibank Social Enterprise Development Programs participated in an interactive roundtable discussion with Citi's Consumer Bank CEO for EMEA, Marc Luet. The aim of this roundtable was to provide an opportunity for the leaders of social enterprises to hear from a globally recognized business leader about building a sustainable social enterprise. The other goals of the forum were for participants to learn from Marc Luet about the attributes of a sustainable enterprise through his personal experiences and for them to have the opportunity to ask him questions.

Marc Luet, Citi's EMEA Consumer Bank CEO (on the right) answered the questions raised by representatives of the social enterprises

"I was thrilled to meet this group of smart entrepreneurs and hear about their challenges in the current market environment," said Marc Luet. "I shared my personal experiences in working together with NGOs in different social programs in the UK and Africa and talked about how Citi is supporting the development of socially responsible enterprises around the world through capacity building programs like the NESsT partnership as well as microfinance programs in developing parts of the world. I appreciate their efforts to address critical social issues with the aim of creating a more sustainable world."

About Social Enterprises

Social Enterprises are a newly emerging type of enterprise, which aim to solve critical social problems while generating profit to become self-funded and sustainable. They can be operating in the NGO or private sector and seek to improve local communities through increased employment opportunities, access to health and education services, reduced energy and resource consumption, land conservation, or improved air and water quality.

Participants of the roundtable discussion on 10 July

About the NESsT-Citibank Social Enterprise Building Programs

Supporting the development of social enterprises is one of Citi's key focus areas in its philanthropic strategy around the world. NESsT and Citi have helped build nearly 70 social enterprises from Hungary over the last six years since the program was launched in 2007. Citibank Hungary's contribution extends to financial support from the Citi Foundation as well as mentoring and business advice from a growing number of Citi employee volunteers. The primary goal of these programs is to assist the participating social enterprises in becoming financially sound and sustainable while creating new jobs, which is one of the top priorities in meeting the key challenges in today's market environment.

Social enterprises that fulfill certain criteria and apply successfully to the program are invited to participate in a comprehensive management training and financing program developed and delivered by NESsT's professional staff. During the programs participants learn skills in market research and analysis, marketing and branding, operations and management, financial management, and social impact. The final result is the development of a business plan that encompasses these five aspects. Each year in each program the three most successful business plans as well as the best performing social enterprises within the NESsT portfolio are awarded a grant of US$10,000 from NESsT and Citi.