Encouraging Social Entrepreneurship in Singapore

In March 2008, DBS Bank launched a banking package specially tailored to social enterprises, in support of the growth of social entrepreneurship in Singapore. DBS' Social Enterprise Special Package, an industry first, offers social enterprises preferential rates on business loans and unsecured overdrafts, and fee waivers for a slew of services, among other benefits.

"With our experience in supporting commercial enterprises, we hope to contribute to the growth of social entrepreneurship in Singapore. To succeed in an increasingly competitive, global economy, social enterprises will need to equip themselves with business capabilities to stay commercially viable. At DBS, we are committed to value adding to social enterprises through knowledge-sharing in the area of banking and finance. The motivation behind this is to facilitate the growth and commercial viability of social enterprises so that they can, in turn, pursue their social causes on a self-sustaining basis," said DBS head of Enterprise Banking Edwin Khoo.

Through its Enterprise Banking unit, DBS has been actively supporting social entrepreneurship as part of its community outreach programme. DBS sponsored the Social Innovators' Forum and the Social Entrepreneur of the Year Award organised by the Social Innovation Park in 2007 and 2008. One of DBS' customers is Kenny Low, winner of the Social Entrepreneur of the Year Award in 2007. Kenny runs O School, a vibrant performing arts centre, to fund bursaries for youth drop-outs seeking a second chance in life.

Click here for more information on DBS' Social Enterprise Special Package.