Microfinance Focus April 25, 2011: The Citi Foundation and the Russian Microfinance Center recently awarded Russian microentrepreneurs at Citi’s Annual Microentrepreneurship Award ceremony. The contest was organized by The National Partnership of Microfinance Market Stakeholders (NAMMS) and The Russian Microfinance Center, with financial support from Citi Foundation.

Nearly 130 applicants comprising of entrepreneurs and microfinance organizations submitted their applications this year. The contest has been running for six years and has attracted more than 700 entrepreneurs from a majority of Russian regions.

The prize fund consisted of over 700,000 rubles this year. Winners received awards in categories such as Best Entrepreneur, Best Employer in Microentrepreneurship, Best Credit Expert, and Best Microfinance Organization. Other categories also included Anti-Crisis Innovations, Social Impact, Successful Business Start-up and Active Participation and Highest Quality of Submitted Applications.

The aim of the award is to encourage successful microentrepreneurs, support organizations to deliver microfinance services across Russia and raise awareness of the microfinance industry among the community and authorities. The awards are part of the global program to promote the achievements of small businesses in 28 countries.

An official from Citi Foundation confirmed that every year, Citi awards more than 500 microentrepreneurs, and over 6,000 microfinance organizations are invited for participation.

The contest was supported by the Ministry of Finance of Russian Federation, Ministry for Economic Development, The Council of Federation of the Federal Assembly, Chamber of Commerce and Industry of Russian Federation, as well as the All-Russian Non-Governmental Organization of Small and Medium-Sized Businesses ‘OPORA RUSSIA.

Citi, is a global financial services company, with business in more than 160 countries and jurisdictions. Citi provides financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

The Citi Foundation works in focus areas of microfinance, enterprise development, youth education and livelihoods, and financial capability and asset building.

The Russian Microfinance Center (RMC) was founded in July 2002. RMC works as a resource center for the microfinance sector as well as a national forum for interaction with the government, community and investors.