The 23 new grant awardees comprise 15 social enterprises (SEs) and eight small-and-medium enterprises (SMEs). These SMEs are the inaugural batch of recipients of the Foundation’s new SME grant launched this year, which is tailored to support SMEs looking to kickstart sustainable transformation. These enterprises were chosen following a rigorous review of a record 900-plus grant applications. Over the next two years, they are collectively targeting to:
Among the 23 grant awardees, 2 SEs and 1 SME are from Hong Kong, namely Breer, Farmacy and Secure Information Disposal Services.
Karen Ngui, Group Head, DBS Strategic Marketing and Communications and Board Member of DBS Foundation, said: “In the midst of greater economic uncertainty and escalating socioeconomic challenges, these businesses play an increasingly important role in creating new solutions to improve lives and livelihoods, and enable change. We are privileged to stand alongside these enterprises to help them to build and scale their businesses, as they strive to provide long-term solutions to improve the state of our planet and support the communities in which they live and work in. By coming together and marshalling our collective strengths, we hope to create greater impact together.”
Providing SEs with the patient capital they need to flourish
Since its establishment in 2014, DBS Foundation has disbursed over SGD 13 million (equivalent to HKD 74 million) in grant funding to support high-potential SEs in developing and growing their businesses. The Foundation also serves as a conduit to the bank’s resources, enabling the SEs to access wide-ranging support including specially designed SE banking solutions, capacity- and skills-building, mentorship, and business opportunities, among others.
Breer and Farmacy are the two local-enterprises that received DBS Foundation’s recognition and support. Breer focuses on upcycling unsold, uneaten, surplus bread to produce local craft beer. The grant will support Breer in scaling production with new product varieties, expanding their distribution, reducing food waste, and driving food waste awareness. As for Farmacy HK, it creates a data-driven, decentralised cloud-based farming system to enable ecological farming of fresh produce in highly urbanised cities. The grant will enable Farmacy HK to develop a prototype of a new generation energy efficient farming system to further reduce carbon emissions.
Transforming SMEs into sustainable businesses of impact
DBS Foundation established its inaugural SME grant to encourage and support SMEs looking to embark on this journey, topping off a robust suite of initiatives that the bank has put together in recent years to empower the sector.
Secure Information Disposal Services (SSID) is the SME grant awardee from Hong Kong. As a waste and recycling company, their business is built on a paper circular model collecting recyclables and supplying paper products. SSID established the first pulp mill in Hong Kong, commonly known as Mil Mill, which aimed to recycle beverage cartons and composite-paper-products into paper pulp. The grant will help SSID to set up a paper mill in Singapore and impart education on beverage cartons recycling.
For more information on the grant awardees, please visit: https://go.dbs.com/3Vs0dwm
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About DBS DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
