Micro-entrepreneurship and micro-finance centres




In recent years, Russia has seen strong growth in the micro-financing market. Nevertheless, there is still insufficient capital support. The Citi Foundation has been supporting growth and development of the microfinance market for several decades.Each year, the Foundation allocates funds to support Russian education and humanitarian programs, among which the following deserve particular attention:


The annual competition "Russian Citi Micro-Entrepreneurship Awards"


This year, the competition is being held for the fourth time, with financial support from Citi. Organizer: the Russian Microfinancing Center. The goal of the competition is to encourage successful micro-entrepreneurs, as well as the most effective microfinancing programs in all of the Russian regions. The competition program is oriented towards the residents of small towns and rural districts. The organizers believe that with a small level of financial support, small businesses will be able to grow into large companies.

Training sessions on micro-entrepreneurship for women


To support the development of business, Citi has allocated a two-year grant to the organization Integra-Russia, to conduct training sessions on micro-entrepreneurship for women. The program was developed with the goal of offering training in the business skills and legal knowledge needed by Russian women who find themselves the victims of circumstance: single mothers, divorced women with small children, refugees, victims of domestic violence and women with alcoholic or unemployed partners, as well as the representatives of ethnic minorities aged between 18 and 65, and older. In 2007 more then 200 women passed the trainings. The women that successfully graduated the trainings and developed business plans have got micro-loans.

Local communities: changing life for the better!


With support from the Citi Foundation, the foundation "Sustainable development” launched a new program in November of 2008: “Local communities: changing life for the better!” in two municipal districts: the Gorodets district of Novgorod Oblast, and the Nev’yan district of Sverdlovsk Oblast. The program will help local communities to live and work more confidently in a market economy, thanks to the creation of new business opportunities for the residents of these municipal districts, including starter businessmen and, especially, young people. As a result of the implementation of the program, approximately 100 people will undergo training at four different seminars, develop more than 30 business projects to open or develop their own small businesses, the best six of which will be selected in a competition to receive financial aid. It is expected that at least five small businesses will be opened or modernized, and about 30 new jobs will be created.

Microfinance support program


In 2008, the Citi Foundation allocated a grant of 11.2 million USD for the development of an international microfinance support program in emerging markets. The grant is expected to cover a period of three years. The Citi Network Strengthening Program will make it possible to expand the capabilities of microfinance centers in the twelve countries participating in the project, to develop products and services that meet the needs of their clients. In addition, the program is aimed at enhancing the general microfinance infrastructure, introducing high management standards, and expanding the role of microfinance and access for financially deprived population groups to financial services. In Russia, the program is executed by the project’s global partner, SEEP Network, in cooperation with a local partner—the Russian Microfinance Center (RMC).


Management of small and growing business


The Citi Foundation supports the project “Management of small and growing business”, which is executed under the framework of the Entrepreneurship Center of the Graduate School of Management at St. Petersburg State University. Currently, due to the rapid development of entrepreneurship in Russia, the topic of development of small and growing business is highly relevant. One of the largest problems in this field is the lack of special knowledge concerning business management, which puts , as a result, additional obstacled to the development and growth of business. The main goal of this project is the creation and subsequent development of intense interaction between representatives of small and growing business, professional associations and communities, state agencies and educational establishments. The creation of such a network makes it possible to draw attention to existing problems and needs in the sector, as well as promoting its development by means of active joint work between professors, researchers, businessmen, members of professional communities and state organizations. The project includes the development and execution of topical seminars on the management of small and growing business, the creation of entrepreneur cases, and holding round-table events. The project will be supported by teachers and researchers from the Higher Management School at St. Petersburg State University, as well as experts on a broad range of issues.