Last call for Citi Caribbean MicroFinance Awards nominations

Thursday, May 01, 2014

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NOMINATIONS for the third annual Citi Caribbean MicroFinance Alliance Awards (Citi-CMFA) closes today, the planning committee has announced.

The awards, scheduled for June 3 at the Iberostar Rose Hall Suites Hotel in Montego Bay, St James, are designed to raise awareness about microfinance in the region, recognise and highlight outstanding performances of microfinance institutions and micro entrepreneurs.

Awards will be presented to:

* The Best Rural Microentrepreneur;

* The Best Young Microentrepreneur; and

* The Best Technology Microentrepreneur.

In all three categories, nominees will be judged based on business growth, innovation and adaptability, contribution to community, challenges overcome and credit history.

The awards will be presented during the Fifth Caribbean Microfinance Forum, an annual gathering of microfinance practitioners that was launched with the support of the Caribbean Microfinance Capacity Building Project.

The awards programme is financed by the Citi Foundation and administered by the CMFA, a network of over 20 microfinance practitioners and advocates working to promote the development of a responsible and sustainable industry in the region.

The CMFA is a beneficiary of the Caribbean Microfinance Capacity Building Project (CARIB-CAP II), which is jointly funded by the Multilateral Investment Fund, a member of the Inter-American Development Bank Group; the European Commission; Citi Foundation; and the Caribbean Development Bank.

CARIB-CAP II aims to create a more developed microfinance industry in the English-speaking Caribbean by improving outreach, financial performance, and fostering a knowledge-sharing ecosystem in the region.

Michell Scott, operations manager of the CMFA, said the awardees in each of the three categories will receive a cash prize of US$3,000, with the second place winners receiving US$1,500 each.

Scott explained that the two finalists in each category will also receive scholarships to participate in the Caribbean Microfinance Forum, to be held June 2-5, 2014.

To be eligible for the Citi-CMFA awards micro entrepreneurs must be nominated by an institution, such as an MFI or credit union that provides microcredit in the Caribbean, including Belize and Suriname.

"Citi is committed to financial inclusion and economic empowerment of the communities in which we operate and we are pleased to support these micro entrepreneurs on their journey from ambition to achievement,0" said Citi's Country Officer Peter Moses. "We believe that a solid micro-entrepreneurial base is a key factor for a sustainable development process. We are excited to recognise and share the achievements of this year's winners with a broader audience," he added.

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