“Ecological Recycling” project awarded first prize in the BBVA Chile 2011 social entrepreneur program

Entrepreneurs Gonzalo Ceballos (20 years) and Luis Farías (19 years) were awarded first prize in the 2011 Social Entrepreneurs program. The winning project is based on creating a sustainable recycling company that buys and sells waste material (cardboard, paper, tetra pack and glass), creating job opportunities in vulnerable sectors while at the same time contributing to environmental protection.

Momentum Project unveils the second social entrepreneurship scheme in Valladolid

• BBVA and ESADE, with cooperation from PwC, are launching Momentum Project 2012 with a view to helping 10 new social entrepreneurs grow

• The first part of the scheme concluded with a total of 3 million euros in raised funds thanks to a BBVA-designed investment vehicle

• The candidates can submit their application forms until January 30, 2012 at momentum-project.org

• A scientific committee will choose the best social entrepreneurs in Spain based on a tough evaluation process and several screening stages

The €3 million BBVA-led investment vehicle funds seven projects in the first edition of the Momentum Project

Seven of the 10 projects selected for the first edition of Momentum Project will receive a total of €3 million in funding thanks to an investment vehicle designed by BBVA. Catering Solidario, DAU, Gran Vallés, Hornos Lamastelle, Moltacte, Roba Amiga and Teixidors will have access to soft loans, at interest rates of between 2% and 8% depending on their length. There will be a grace period for repayment of principal of between 2 and 4 years, and a return premium for the vehicle if there is a shareholder liquidity event in the companies in which it is invested.