OREANDA-NEWS.  September 06, 2012. This competition among microentrepreneurs and microfinance organizations is being held from September 1, 2012, to February 1, 2013. Its aim is to encourage the best microentrepreneurs and the most effective organizations that offer microfinancing services. The competition is part of a global program for encouraging small business initiated by the Citi Foundation in 32 countries worldwide, reported the press-centre of Citi.

This year the prize fund for winners has been increased by more than one and a half times and amounts to 1.3 million rubles. The monetary awards will be provided to the winners to help them further develop their businesses.

"The competition has been held in Russia since 2005. Over this time more than 950 nominees have participated from various regions of Russia. These are entrepreneurs who with the help of microloans have created successful, socially important businesses as well as the most effective microfinance organizations. For the eighth time the competition will identify the most worthy individuals who not only have managed to achieve success despite all the difficulties, but are an example for those who are only starting their business" said Michael Mamuta, President of MAUMIR and RMC.

This year microentrepreneurs will compete in the following main competitions:

Best Entrepreneur – 2012

Best Entrepreneur in Agriculture – 2012

Best Entrepreneur in Trade – 2012

Best Entrepreneur in Services – 2012

Best Entrepreneur in Production – 2012

Best Entrepreneur in Transport – 2012

Best Entrepreneur in Construction – 2012

Microfinance institutions:

Innovation Leader in Microfinancing – 2012 (among credit unions, commercial and noncommercial microfinance organizations)

Employees of microfinance institutions:

Best Credit Expert – 2012

The competition also includes the following special nominations:

Woman’s Initiative in Entrepreneurship

Socially Significant Business

Successful Start-up

Best Environmental Initiative and Environmental Project

The awards ceremony for the winners will be held in March 2013 in Moscow (the date and location will be announced at a later date).

Complete information on how to participate in the competition can be found on the website of the Russian Microfinance Center: http://www.rmcenter.ru/projects/citikonkurs/