DBS Foundation to recognise and support Asia's leading social enterprises and SMEs through 2023 grant award; applications open till 15 June 2023
Grant awardees stand to receive up to SGD 250,000, and can tap the bank’s resources including skills-building, mentorship, and access to its network
Singapore, 03 May 2023 - From now till 15 June 2023, social enterprises and small-and-medium enterprises (SMEs) that are developing innovative solutions to address pertinent social and environmental issues can apply for the DBS Foundation Business for Impact Grant Award (“Grant Award”). Now in its ninth year, the award is designed to recognise and catalyse the growth of businesses that have successfully integrated both social/environmental impact and financial profit into their business models, and are strongly positioned for long-term growth.
Borne from the bank’s dedication to being a force for good, DBS Foundation is dedicated to uplifting lives and livelihoods in the community, and a key means through which it does so is by supporting like-minded entrepreneurs that share its vision.
Since its launch in 2014, the foundation has contributed to the growth of over 800 businesses for impact in Asia – out of which, some 100 of them have been awarded grant funding totalling more than SGD 13 million through its annual Grant Award. The Grant Award has been integral in spotting and empowering diamonds in the rough – despite the supposed high failure rate of early-stage start-ups, over 90% of the foundation’s grant awardees continue to remain in operations today.
In particular, some 15 of them have demonstrated exceptional growth and become industry leaders in their own right. These include TreeDots (Singapore) and S4S Technologies (India) – both of which were only starting out when they first earned DBS Foundation’s confidence and seed capital, but have since moved on to Series A financing respectively. Named “DBS Foundation Fellows”, these 15 enterprises have collectively raised funds of close to USD 100 million to date.
Karen Ngui, DBS Group Head of Strategic Marketing and Communications, and Board Member of DBS Foundation, said: “Over the years, we have seen bright, young entrepreneurial minds that – despite being armed with interesting ideas and robust growth plans – continue to face challenges such as funding difficulties, often stemming from scepticism around a business’s ability to achieve profit and deliver impact. Through the DBS Foundation Grant Award, we aim to empower the next generation of impact-makers by providing them with patient capital and broad-based support. We believe businesses can do well and do good, and hope these purpose-driven enterprises will be able to thrive and achieve their full potential.”
As of last year, DBS Foundation has also expanded the Grant Award’s mandate with the introduction of an SME category, to encourage these businesses to transition towards more sustainable models. Over 250 SMEs applied for the award despite it being the first instalment, a reflection of the sector’s growing awareness and interest in this space.
Igniting awardees’ growth potential with patient capital and holistic support
Beyond funding of up to SGD 250,000 each, recipients of the Grant Award can tap on the resources and expertise across DBS to bolster their businesses. These include preferential banking packages, skills-building and mentorship, and access to a robust ecosystem of like-minded businesses, investors, and enablers, among others.
This holistic support has enabled many past awardees to unlock their potential by accelerating the growth and development of their businesses – such as enhancing their operational capacity and expanding into new markets, depending on their respective business needs – while concurrently deepening their social and/or environmental impact.
An example is reach52, which aims to avail essential healthcare access to the 52% of the world who are currently without it. It was looking to enter a new market – with the support of DBS Foundation’s grant funding and market insights from the teams in the bank’s regional network, reach52 successfully expanded into India and Indonesia within two years. Despite disruptions caused by the Covid-19 breakout, which was particularly severe in India, reach52 overcame these hurdles and went on to upskill 235 agents and connect more than 680,000 residents to affordable healthcare services and products. Since receiving the grant award in 2019, reach52 has expanded its headcount by over 20%, grown its revenue three-fold, and increased its footprint to six countries.
“Businesses for impact are focused on achieving a dual bottom-line, a mission that naturally requires them to go beyond what’s available in the market to develop innovative solutions. Driven by a strong sense of purpose and conviction, we believe these impact-makers can potentially play significant roles in addressing key societal gaps," said Ngui.
For instance, the work of last year’s 23 Grant Award recipients is expected to collectively benefit more than two million lives and livelihoods in the region, reduce over 100,000 tonnes of food waste, and abate greenhouse gas emissions by 300 tonnes by end 2024.
The Grant Award is open to social enterprises and SMEs that are registered in the bank’s six key markets in Asia (Singapore, Hong Kong, China, Taiwan, India, Indonesia). Applicants will be assessed based on the following criteria:
For more details on the DBS Foundation Business for Impact Grant Award and guidance on applications, please visit: DBS Foundation Grant Award | DBS Foundation | DBS Bank
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.
About DBS Foundation
The DBS Foundation is committed to uplifting lives and livelihoods by igniting change in businesses and communities.
Since 2014, the DBS Foundation has been championing social enterprises in Asia, businesses that are for profit, and impact. The Business for Impact chapter now catalyses the growth of innovative, purpose-driven businesses, including SMEs, designed to address pressing issues facing our planet and society.
In 2022, the DBS Foundation raised the bar with the formation of a new Community Impact chapter, to equip the underserved with digital and financial literacy skills to face the future with confidence, and enable communities to be more food secure and resilient.
Our vision is to spark collective action, together with our partners and DBS People of Purpose, to help build a better world for generations today and tomorrow.
For more information, please visit: www.dbs.com/dbsfoundation.
Borne from the bank’s dedication to being a force for good, DBS Foundation is dedicated to uplifting lives and livelihoods in the community, and a key means through which it does so is by supporting like-minded entrepreneurs that share its vision.
Since its launch in 2014, the foundation has contributed to the growth of over 800 businesses for impact in Asia – out of which, some 100 of them have been awarded grant funding totalling more than SGD 13 million through its annual Grant Award. The Grant Award has been integral in spotting and empowering diamonds in the rough – despite the supposed high failure rate of early-stage start-ups, over 90% of the foundation’s grant awardees continue to remain in operations today.
In particular, some 15 of them have demonstrated exceptional growth and become industry leaders in their own right. These include TreeDots (Singapore) and S4S Technologies (India) – both of which were only starting out when they first earned DBS Foundation’s confidence and seed capital, but have since moved on to Series A financing respectively. Named “DBS Foundation Fellows”, these 15 enterprises have collectively raised funds of close to USD 100 million to date.
Karen Ngui, DBS Group Head of Strategic Marketing and Communications, and Board Member of DBS Foundation, said: “Over the years, we have seen bright, young entrepreneurial minds that – despite being armed with interesting ideas and robust growth plans – continue to face challenges such as funding difficulties, often stemming from scepticism around a business’s ability to achieve profit and deliver impact. Through the DBS Foundation Grant Award, we aim to empower the next generation of impact-makers by providing them with patient capital and broad-based support. We believe businesses can do well and do good, and hope these purpose-driven enterprises will be able to thrive and achieve their full potential.”
As of last year, DBS Foundation has also expanded the Grant Award’s mandate with the introduction of an SME category, to encourage these businesses to transition towards more sustainable models. Over 250 SMEs applied for the award despite it being the first instalment, a reflection of the sector’s growing awareness and interest in this space.
Igniting awardees’ growth potential with patient capital and holistic support
Beyond funding of up to SGD 250,000 each, recipients of the Grant Award can tap on the resources and expertise across DBS to bolster their businesses. These include preferential banking packages, skills-building and mentorship, and access to a robust ecosystem of like-minded businesses, investors, and enablers, among others.
This holistic support has enabled many past awardees to unlock their potential by accelerating the growth and development of their businesses – such as enhancing their operational capacity and expanding into new markets, depending on their respective business needs – while concurrently deepening their social and/or environmental impact.
An example is reach52, which aims to avail essential healthcare access to the 52% of the world who are currently without it. It was looking to enter a new market – with the support of DBS Foundation’s grant funding and market insights from the teams in the bank’s regional network, reach52 successfully expanded into India and Indonesia within two years. Despite disruptions caused by the Covid-19 breakout, which was particularly severe in India, reach52 overcame these hurdles and went on to upskill 235 agents and connect more than 680,000 residents to affordable healthcare services and products. Since receiving the grant award in 2019, reach52 has expanded its headcount by over 20%, grown its revenue three-fold, and increased its footprint to six countries.
“Businesses for impact are focused on achieving a dual bottom-line, a mission that naturally requires them to go beyond what’s available in the market to develop innovative solutions. Driven by a strong sense of purpose and conviction, we believe these impact-makers can potentially play significant roles in addressing key societal gaps," said Ngui.
For instance, the work of last year’s 23 Grant Award recipients is expected to collectively benefit more than two million lives and livelihoods in the region, reduce over 100,000 tonnes of food waste, and abate greenhouse gas emissions by 300 tonnes by end 2024.
The Grant Award is open to social enterprises and SMEs that are registered in the bank’s six key markets in Asia (Singapore, Hong Kong, China, Taiwan, India, Indonesia). Applicants will be assessed based on the following criteria:
- Strong leadership team with a clear commitment towards being a business for impact, supported by relevant expertise and experience
- Strong business model with a clear value proposition and market traction/ potential
- Robust plans outlining how the grant funding will be deployed to commercialise and scale the solution over the next two years
- Measurable impact targets and the ability to track progress on these
- All applications received before 15 June 2023, 2359 SGT will be evaluated for this year’s instalment, and applications received thereafter will be evaluated in the next cycle.
For more details on the DBS Foundation Business for Impact Grant Award and guidance on applications, please visit: DBS Foundation Grant Award | DBS Foundation | DBS Bank
[END]
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.
About DBS Foundation
The DBS Foundation is committed to uplifting lives and livelihoods by igniting change in businesses and communities.
Since 2014, the DBS Foundation has been championing social enterprises in Asia, businesses that are for profit, and impact. The Business for Impact chapter now catalyses the growth of innovative, purpose-driven businesses, including SMEs, designed to address pressing issues facing our planet and society.
In 2022, the DBS Foundation raised the bar with the formation of a new Community Impact chapter, to equip the underserved with digital and financial literacy skills to face the future with confidence, and enable communities to be more food secure and resilient.
Our vision is to spark collective action, together with our partners and DBS People of Purpose, to help build a better world for generations today and tomorrow.
For more information, please visit: www.dbs.com/dbsfoundation.
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