CORFO will finance B companies

The announcement was made in the framework of the first world meeting of movement B, which takes place in Frutillar.

“We decided that Corfo can not be neutral in the type of companies it supports.”

Invited to expose the view from the public sector towards the companies with purpose, the executive vice-president of Corfo, Sebastián Sichel, arrived with an announcement under his arm yesterday to the Encuentro + B Chile 2018, which takes place in Frutillar.

As of January 1, small and medium enterprises (those that invoice less than 100 thousand UF per year) that generate a positive social or environmental impact may apply for a subsidy to finance the process of being certified as B

“The objective is to encourage companies to understand that good corporate practices and good behavior with the environment are relevant issues,” explains Sichel.

Today, in Chile there are some 130 B Companies, which are those companies that commit themselves in their bylaws to develop business models that, in addition to generating profits, have positive socio-environmental impacts. But it is not enough to declare it, but they have to certify that, in effect, they fulfill that promise through a certification process before B Lab, the international organization that elaborated the standards that measure these impacts.

The B certification has gained international influence. In fact, this year, the United Nations adopted it to accredit the commitment of companies with the so-called Sustainable Development Goals, which the organism promotes in the face of 2030 to, among other objectives, reduce poverty and combat climate change.

Corfo subsidies will be delivered through its Focal program, which today supports SMEs that require certification in ISO standards. Starting in 2019, this fund will allow companies to pay for the process of certifying their B attributes.

“This is great news, this funding will certainly help companies that have the conviction to be B to accelerate their certification, and it will help external consultants to help companies to become accredited,” says Juan Pablo Larenas, co-founder of Sistema B, an organization that promotes Empresas B in Chile and Latin America.

The Encuentro + B, the first world summit of this business movement, ends today in the Los Lagos Region. In the day yesterday, it was reported that the next regional meeting of Empresas B will be held next year in Mendoza, Argentina.

27% of B Companies in Latin America are located in Chile.