President Obama recently joined with our partners in the G-20 to launch the G20 SME Finance Challenge to uncover the most promising and scalable means of financing small businesses. Last week, Treasury Under Secretary for International Affairs Lael Brainard explained the critical role of small businesses as engines of job creation and called on the private sector to identify new finance models to help them grow. Private financial institutions, private investors and companies, socially responsible investors, foundations, and civil society organizations can submit solutions through August 25th. Up to 15 winners will be invited to the November 2010 G-20 Summit in Korea to be recognized for their innovative ideas. In addition, the G-20 has committed to mobilizing funding to scale them up.
To learn more, check out The SME Finance Challenge: Supporting Small Businesses as Big Engines of Growth over on the White House blog.