BPI Foundation aids nano-entrepreneurs

The Bank of the Philippine Islands Foundation (BPIF) has introduced a new entrepreneurship program for Filipinos who want to build micro businesses.

Through its Small Enterprise Acceleration Lab-Business Education and Growth Initiative for Nano-entrepreneurs (SEAL-BEGIN), BPIF provides aspiring entrepreneurs training, especially on the digital economy, and other resources to help them build successful businesses.

BPIF said over 240 people have registered for the SEAL-BEGIN initiative to share their business ideas.

Among them, BPIF recognized 20 nano-entrepreneurs with the highest potential and most innovative products and services to attract more customers.

Solopreneurs

Nano-entrepreneurs are “solopreneurs” or individuals who capitalize on their skills and knowledge to sell a product or service. Unlike freelancers, they work only for themselves, Philippine Center for Entrepreneurship–Go Negosyo founder Joey Concepcion said.

Concepcion is also part of the Marcos administration’s Private Sector Advisory Council, serving as head of its Jobs Committee.

“Most often these nano-entrepreneurs start out operating from their own homes. They are largely unaccounted for, but these informal business settings constitute a large portion of all our economies,” he said.

The SEAL-BEGIN initiative was created to expand BPIF’s SEAL Project Series which was launched in 2022 and provided resources first to small enterprises, which have 10 to 99 employees.

SEGA program

With more Filipinos becoming entrepreneurs amid the country’s growing economy, BPIF recently awarded 40 more small enterprises with cash and highly personalized mentorship under its SEAL-Small Enterprise Growth Agenda (SEGA).

“The three pillars of successful entrepreneurship — money, markets, and mentorship — are the same whether you are nano, micro, small or medium. Every business needs capital, a place and people to sell to, and someone to guide them along the way,” Concepcion said.

BPI reported its business loans and microfinance increased by 99 percent and 65 percent, respectively, from January to September.