CF, Lions Club pledge additional $0.5m for social business
Kathmandu, November 16
Chaudhary Foundation (CF) — the philanthropic arm of Chaudhary Group — in association with Lions Club International Foundation has increased the funding for Nepal Social Business (NSB) by half a million dollars over the next two years to expanad social business in the country.
NSB is the initiative of CF that was started some two years back to create entrepreneurial mass in the country with an objective of greater social impact in the locality where enterprises are set up. CF has joined hands with Lions Club International Foundation to train, incubate and fund the businesses, especially in the rural and remote parts of the country.
In two years since the initiative was launched, a total fund of $300,000 has been invested to train, incubate and funding of the enterprises, according to Nirvana Chaudhary, managing director of Chaudhary Group.
Dozens of enterprises have been set up under NSB, 110 are in incubation process and above 1,200 have been trained in Jumla, Dang, Dadeldhura, Salyan and Dolpa districts.
“We are going to intensify our partnership with CF to enhance the livelihood of people by making them entrepreneurs and helping them in sustaining their businesses,” said NS Sankar, a trustee of Lions Club International Foundation.
A team led by Sankar arrived here to monitor the impacts of social businesses and interact with the locals.
“As the country is sending a huge number of workers abroad due to lack of job opportunities in the country, the social business initiative of Chaudhary Foundation is expected to be instrumental in retaining them in the country and enhance production base of the country in the coming days,” he said. “We are going to raise the funding amount to expand the programmes in other districts.”
CF has established a porridge factory in Jumla to cope with severe problem of malnutrition there. “The main motto of the social business is to create impact in the society, which we consider our profit in this business,” said Chaudhary.
CF will extend training and mentorship to the people willing to set up enterprises and ask for proposals from them to establish business. The best proposals will be selected jointly by the CF and Lions Club International in Nepal and the proposals will be awarded with funds to set up business.
“Those presenting best proposals will get the fund from CF,” as per Chaudhary. “And the principal amount will have to be returned after certain years, and the money will be reinvested for another social business.”
CF has been mobilising the members of Lions Club International to provide mentorship to social businesses.