The Group of 20 Finance Ministers and Central Bank Governors (G-20), a group of leaders from 20 economies, and the US-based nonprofit, Ashoka, have announced that they will be holding a worldwide contest for the best models that catalyze finance for small and medium-sized enterprises (SMEs). The challenge is open to all private sector participants, including private financial institutions, private investors and companies, socially responsible investors, foundations and civil society organizations.
The goal of the Challenge is to identify catalytic and well-targeted public interventions to unlock private finance for SMEs. Maximizing leverage of scarce public resources is at key part of the Challenge.
If you submit an entry by the early-entry deadline, 6:00 PM EDT, August 6, 2010, you will be eligible to win the USD 1,000 Early Entry Prize provided by Ashoka’s Changemakers, an online forum with the purpose of discussing the global social issues. The final competition deadline is September 5, 2010.
Up to 15 winners will be invited to the November 2010 G-20 Summit in Korea to be recognized for their ideas. Winners will then be connected with donors and investors at an as-yet unscheduled SME conference in Germany.
Proposals should address one or more of these objectives:
- Catalyzing debt finance for SMEs (eg, local bank lending, supply chain finance, debt issuance) along with related financial services;
- Mobilizing equity or quasi-equity investments in SMEs;
- Building the capacity of financial institutions, related financial infrastructure and those serving technical finance-related SME assistance needs;
- Developing regulatory and policy best practices that facilitate SME finance;
- Addressing gaps in financial market infrastructure to reduce search costs for creditworthy SMEs with growth and profit potential;
- Expanding SME finance access in fragile and weak states; and
- Addressing the particular barriers confronting women entrepreneurs seeking SME finance.
You may download an entry form for the Challenge and submit your answers here: http://www.changemakers.com/SME-Finance
About The Group of 20 Finance Ministers and Central Bank Governors (G-20):
The Group of 20 Finance Ministers and Central Bank Governors (G-20) is a group of finance ministers and central bank governors from 20 economies that encourages cooperation and consultation on matters pertaining to the international financial system. It studies, reviews and promotes discussion of policy issues pertaining increased international financial stability and seeks to address issues that go beyond the responsibilities of any one organization or country.
About Ashoka Changemakers:
Ashoka Changemakers is an initiative of the US-based nonprofit Ashoka that was founded in 1980. Changemakers was initiated in 1994 and aims to serve and facilitate online collaborations and communication to help advance and scale global social innovations.
About Ashoka:
Ashoka is a US-based nonprofit organization that was established in 1980. Ashoka invests in social entrepreneurship through its fellows program, through which it provides leading entrepreneurs a living stipend for an average of three years, allowing them to focus full-time on building their institutions and spreading their ideas. Ashoka aims to build an infrastructure that supports the growth and expansion of the field of social entrepreneurship, including seed financing and capital, access to the business and academic sectors, and strategic partnerships with social and financial value. As of 2007 Ashoka reported total assets of USD 67 million.
By Matthew Fox, Research Assistant
Sources and Additional Resources
Ashoka ChangeMakers: G-20 SME Finance Challenge: http://www.changemakers.com/SME-Finance
MicroCapital Universe: The Group of 20 Finance Ministers and Central Bank Governors (G-20): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=G20
MicroCapital Universe: Ashoka: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ashoka
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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