NESsT announces new US$ 7.5 million portfolio
at Clinton Global Initiative in New York Commits to improving livelihood of artisans, small producers
in Latin America through development of social enterprises New York - September 21, 2010 - At the
Clinton Global Initiative (CGI) Annual Meeting being held here this week,
NESsT announced its new US$ 7.5 million portfolio supporting the development of social enterprises designed to improve the livelihood of over 2,000 artisans and small-scale producers in Latin America.
The new portfolio, recognized as a
Commitment to Action by the CGI, is being launched to coincide with the Annual Meeting. "We are delighted that NESsT is among a group of social entrepreneurs participating in this year's CGI meeting," said Nicole Etchart, NESsT CEO and co-founder who is in attendance at the event. "It is a remarkable opportunity for NESsT to bring greater attention to our pioneering efforts to transform the lives of people through social enterprise," she said.
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to devise and implement innovative solutions to some of the world's most pressing challenges. Since 2005, CGI Annual Meetings have brought together more than 125 current and former heads of state, 15 Nobel Peace Prize laureates, hundreds of leading CEOs, heads of foundations, major philanthropists, directors of the most effective nongovernmental organizations, and prominent members of the media. These CGI members have made more than 1,700 commitments valued at $57 billion, which have already improved the lives of 220 million people in more than 170 countries. The 2010 CGI Annual Meeting will take place from September 20-23, 2010, in New York City. The CGI community also includes CGI University (CGI U), a forum to engage college students in global citizenship, MyCommitment.org, an online portal where anybody can make a Commitment to Action, and CGI Lead, which engages a select group of young leaders from business, government, and civil society. For more information, visit
www.clintonglobalinitiative.org.
The new portfolio presented by NESsT will initially work with social enterprises in Argentina, Brazil, Chile, Ecuador and Peru, directly benefiting over 2,000 local producers and artisans and helping them to reach a sustainable level of income. The commitment builds upon NESsT's current work supporting social innovators in Latin America and is made possible in part thanks to the generous support of NESsT's long-time partner,
The Lemelson Foundation.
NESsT uses the term "social enterprise" to refer to businesses designed to solve a critical social problem. Social enterprises not only solve critical problems but do so in a financially sustainable manner to create lasting benefit.
"Small producers and artisans from low income communities in Latin America face a series of barriers that prevent them from generating a secure livelihood. They often live in isolated areas, lack access to technology and skills, confront competition or monopolies held by larger producers and encounter discrimination because of their social or economic status," said Ms. Etchart.
She added, "Their low entrepreneurial capacity is compounded by very limited financial options to operate and grow their businesses. The result is that a majority of local producers in Latin America live under the poverty line, unable to generate a sustainable income to improve the quality of life of their families through better access to housing and health and education services."
NESsT will provide management, technology and financial support to social enterprises in Latin America that increase market access for artisans and small-scale producers as well as to increase their entrepreneurial capacity.
NESsT will select the enterprises through a Social Enterprise Competition targeting those that support small producers and artisans in Argentina, Brazil, Chile, Ecuador and Peru, and that have the greatest potential for creating lasting social and economic benefits.
About NESsT
NESsT works to solve critical social problems in emerging market countries by developing and supporting social enterprises. Since its founding in 1997, by social entrepreneurs Nicole Etchart and Lee Davis, NESsT has provided financial and business mentoring support to nearly 2,500 social enterprises in 48 countries. The NESsT Venture Fund currently operates in 10 countries across Europe and Latin America, including Argentina, Brazil, Chile, Croatia, Czech Republic, Ecuador, Hungary, Peru, Romania and Slovakia. NESsT is a registered nonprofit in the UK and USA. Visit:
www.nesst.org
Copyright © 2009
Jose Arrieta 89
Providencia
Santiago,
Chile
www.nesst.org
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