Outstanding small business entrepreneurs and micro lenders were awarded for their contribution to microfinance on Thursday.

The annual awards, co-organized by Citibank (China) Co Ltd and the China Banking Association, aim to promote the role of microfinance in alleviating poverty nationwide.

"Through individuals' diligence to climb out of poverty and facilitate the development of neighborhood communities and disadvantaged groups, small business owners have become the driving force of economic growth," said Yang Zaiping, executive vice-president of the China Banking Association.

The expert panel and appraisal group evaluated institutions for such factors as risk control, social service and innovation. Eleven small loan providers and institution guarantors from around the country received the prize for their service to the community. Forty farmers and small business founders were awarded for their outstanding entrepreneurship.

Citibank has granted the award to more than 1,000 individuals and institutions in 35 countries and regions since it was first started nine years ago.