BBVA Compass is expanding its accelerator program for social entrepreneurs in the U.S. and applications are due soon.
The Madrid-based bank has hosted its BBVA Momentum accelerator program across the globe since 2011. Last year, the bank brought it to the U.S. for the first time with a pilot program consisting of solely Texas entrepreneurs. Dallas-based Chad Houser took home the grand prize of $50,000 for his nonprofit, Café Momentum, and Andy Lovley of Dallas-based Education Opens Doors was awarded $5,000 for third place.
“BBVA Momentum is a force multiplier.”
This year, BBVA Momentum is expanding to the bank’s footprint within the U.S. Sunbelt — Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.
“BBVA Momentum is a force multiplier. With the training the social entrepreneurs get, the networking, and the increased visibility, we’re creating opportunities for them to extend their impact and influence on their communities,” BBVA Compass Corporate Responsibility and Reputation Director Reymundo Ocañas said in a statement.
In order to be eligible, entrepreneurs must have a growing company that is providing innovative solutions to social or environmental problems.
“The human capital that’s invested gives you the opportunity to create a higher return investment.”
BBVA will select 35 entrepreneurs to participate in this year’s five-month program, which includes professional training, networking, and opportunities to spark growth within individual companies.
“BBVA Momentum creates an incredible foundation for social entrepreneurs. It’s more than the $50,000. The human capital that’s invested gives you the opportunity to create a higher return investment,” Houser said in a recent release.
The bank hasn’t released the top prize for the 2018 program, but a spokesperson told Dallas Innovates it’s expected to be larger than the $50,000 award given out in 2017.
The deadline to apply is May 7. Registration forms and applications can be accessed here.
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