We at the Center for Citizen Initiatives (CCI) are proud to launch a new program supported and envisioned by US philanthropist Arthur B. Schultz. The mission of the Schultz Fellowship Fund for Russian Entrepreneurship and Related Philanthropy is to stimulate the development of a socially responsible Russian private business sector by encouraging Russian entrepreneurs to support less fortunate members of their society. The ultimate goal is the that the fund will in some small way further the philanthropic impulse in Russia as Russian businesses succeed and establish a market economy.

 

The guidelines for the Schultz Fellowship Fund are as follows:

• Russian applicants must be graduates of one of CCI's business training internships in American firms. Programs include: Economic Development Program (EDP), Productivity Enhancement Program (PEP), Presidents' Management Training Initiative (PMTI), or the Russian Initiative for Self Employment (RISE).
• CCI is solely responsible for nominating, screening and selecting all Schultz Fund applicants.
• Individual awards will range from $5,000 to $25,000. Awards are to be used only for the purchase of equipment which will increase the productivity of a Russian-owned and operated private business.
• Awards will be given contingent upon the submission of a business plan by the applicant in addition to a plan for which outlines a nonfinancial method of repayment equal to the total award sum. The applicant must select a charity or less fortunate segment of society to donate his/her business services or products. All in-kind donations must be given within a three-year period.
• Applicants must demonstrate the need for production equipment which will take their private businesses to a higher level of success.
• Applicants must submit a thorough business plan including detailed financial records and projections.
• A successful applicant will be interviewed, preferably at the applicant's place of business, before a final commitment is made.
• All awardees must complete quarterly reports detailing their donated volunteer and charity services.

We at CCI know that many Russian entrepreneurs are already providing a lot of charity work for those less fortunate than themselves. A fund of this nature has the potential to foster a spirit of social responsibility and philanthropy in the region where the entrepreneur works. We hope that the Schultz Fund will make it possible to combine business and philanthropy in a high-profile way which many others will follow.