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Bankers Association, NY Fed launch 10th ‘Financial Awareness Video Contest’

The Puerto Rico Bankers Association and the Federal Reserve Bank of New York will again join universities in Puerto Rico to carry out the 10th edition of the “Financial Awareness Video Contest.”

This video competition allows universities to integrate different and fun alternative to educate students about important issues in the area of finance, and expose them to the challenge of understanding and communicating their knowledge and recommendations creatively.

The event will have as its focus the issue of entrepreneurism. After the impact of Hurricanes Irma and María in September 2017, small and medium businesses in Puerto Rico traveled an arduous road to handle the emergency and stay afloat.

It is precisely this that highlights the importance of structuring the necessary plans to establish a business, including adequate preparation to face an unexpected event, such as a natural disaster, organizers said.

“This initiative has always been of great value for everyone from the Bankers Association and the FRBNY as propellants of the contest, to universities and their students as partners in contributing to financial education of our youth,” said Zoimé Álvarez-Rubio, executive vice president of the Bankers Association.

“But this 10th edition elevates its value even more. We know that financial education is an issue that never becomes outdated,” she said. “And everything we have lived on the island this past year has made it clear that it is increasingly important to have within our grasp the knowledge to responsibly manage our finances, even in the scenario of a company or business.”

The “Financial Awareness Video Contest 2018” call targets university students between the ages of 17 and 33. Participants should develop an educational video up to 30 seconds long on one or more of the following topics: how to set up your business, getting credit for your business, ideas of how to export a product, and how to prepare the business for a catastrophic event.

The pieces may include various resources such as music, drama, comedy, animation, documentary footage and news, among others. Videos must be submitted in a format compatible with Windows Media Player.

Participating groups may have up to three members, as well as a college consultant. The deadline for submitting videos will be Nov. 29.

Competition winners will receive cash prizes and the grand prize winner will also have the opportunity to travel to New York and visit the NY Fed’s headquarters.

The public will be able to vote to award the “People’s Choice Award” to their favorite piece, from Dec. 18, 2018 to Jan. 17, 2019. At the end of the voting period, the video that has the most votes will be the winner, and will receive a training session with the competition’s sponsors on financial issues of interest to the group.

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This story was written by our staff based on a press release.

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