Sinag Challenge 2016: BPI offers P500T for social entrepreneurs

CEBU, Philippines - BPI Foundation has engaged social entrepreneurs from Central Visayas in its second Sinag Challenge, which aims to support enterprises that help countryside development.

Last Friday, BPI and its partner Peace and Equity Foundation briefed around 40 entrepreneurs from the region on the business proposal challenge.

The competition will pick 35 social entrepreneurs from different parts of the country and will choose at least 10 awardees who are entitled to P500,000 investment funding in the form of loans, credit line, equity and business grants.

"We hope we'll have someone from Cebu or region as awardees this year," said Ebony Arianne Lautner, project officer at BPI.

Awarding will be in November this year but prior to that, applicants -- who are 18 years old and above and have a registered social enterprise operating for at least 2 years -- of the competition will undergo training programs in August and October.

Awardees will have performance-based grants and access to financing and to industry networks and impact investors.

They will also have opportunities for mentor ship programs and scale-up fund.

Lautner said they are focusing on community-based enterprises and cooperatives which help solve specific social problems.

"We're focusing on marginalized entities," she said.

Social entrepreneurs are those that do business, focusing on making an impact in the community and promoting social good for inclusive growth. — (FREEMAN)