Fifteen Hungarian social enterprises participate in the program with a $10,000 grant for the two best to build their enterprise
October 17, 2012
NESsT and Citibank Hungary today announced the launch of the 2012/2013 NESsT-Citibank Social Enterprise Development Program in the business sector, the fourth of its kind in Hungary. Fifteen enterprises will be selected in a tender closing on October 28, 2012 to participate in this comprehensive management training and financing program. Applications of those businesses will be considered, which in addition to generating a profit, also aim to solve critical social problems. Operating in the private sector, they also seek to improve 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, "Developing social enterprises with the aim of creating more jobs while addressing critical social issues is in line with the strategy and focus areas of the Citi Foundation. Since the launch of our first program in the business sector in 2009 we have contributed to developing more than 40 social enterprises in this sector in Hungary. Based on the tremendous positive feedback we received from the businesses and Citibank volunteers, together with our partner NESsT we are happy to continue the program this year with the aim of raising awareness of and providing further support to this newly emerging type of enterprise in Hungary."
During the 10-month training that was developed based on a decade's experience of NESsT, the participants will learn skills in market research and analysis, marketing and branding, operations and management, financial management, risk management and social impact. At the end of the training participating businesses will develop a tailored and comprehensive business plan that encompasses these five aspects and the two most successful business plans will be awarded with a $10,000 grant each from NESsT and Citibank in support of launching and building their social enterprise. In addition, participants will also have opportunity to promotion through NESsT's communications and marketing channels and access to business mentors from Citibank and NESsT's Business Advisory Network consisting of valued members of the business community.
"The business ideas presented and developed by the three 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. 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" – Anna Horvath, Enterprise Development Manager for NESsT Hungary also remarked.
Interested social enterprises should download and complete the Application Form at and send it to NESsT via e-mail to Anna Horvath at ahorvath@nesst.org by October 28, 2012. Selected enterprises will be short-listed on the basis of their applications and will be invited to a first training in November 2012.
The program is organized with a grant from the Citi Foundation and involves voluntary assistance from Citibank employees that extends to evaluation of business plans, mentoring and giving presentations.
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