The DBS Foundation Grant will help enterprises fund various growth initiatives.
Mumbai, Maharashtra, India - Business Wire India
DBS Foundation is inviting applications for its 2024 Grant, which provides funding to innovative, purpose-driven businesses tackling pressing social challenges across Asia.
Now in its tenth year, DBS Foundation is committed to uplifting the lives and livelihoods of vulnerable communities. This year, the grant will focus on scaling innovative and impactful solutions providing access to essential needs such as healthcare, basic education, and shelter, or equipping communities with the skills and opportunities to build better circumstances. Enterprises are eligible to apply for the grant until August 31, 2024.
The DBS Foundation Grant will help enterprises fund various growth initiatives, including entering new markets, R&D for new products, enhancing product or service offerings, and building the infrastructure required for growth. Beyond funding, recipients of the Grant can also tap into the bank's expertise, resources, and networks for capacity-building, mentorship, and preferential banking solutions.
Since 2014, DBS Foundation has provided over SGD 17 million in grant funding to some 140 Businesses for Impact (BFIs) - businesses with a dual bottom line of profit and impact - to grow sustainably and create social and/or environmental impact. It has also nurtured 1,200 others via various development and support programs.
The DBS Foundation Grant seeks to address funding challenges faced by purpose-driven social enterprises and small and medium enterprises (SMEs). It bridges this gap by providing flexible capital tailored to their needs. Unlike conventional capital focused on near-term returns, the DBS Foundation Grant takes a long-term view on nurturing impact-driven enterprises. It provides a crucial runway for innovators to capitalise on and scale their models sustainably before profitability kicks in while helping these businesses align their mission with their growth strategy.
In 2023, 24 BFIs from across six markets were awarded the DBS Foundation Grant to create a positive impact and accelerate growth. These enterprises aimed to benefit one million people from underprivileged segments by increasing access to solutions and providing daily needs; abate and/or save 30,000 tonnes of greenhouse gas emissions; and collect, reduce, or recycle 50,000 tonnes of waste by the end of 2025. Indian businesses-Project Baala, Green Worms, Zerund Manufacturing, Karo Sambhav, and Sustainable Solutions (ReCircle)-were among the recipients of the grant. Enterprises such as Phool, Haqdarshak, and S4S Technologies have also been past recipients.
Azmat Habibulla, Managing Director - Group Strategic Marketing & Communications, DBS Bank India, said, "Through the DBS Foundation Grant, we support changemakers who trust their spark and pursue their passion to make a meaningful difference in the world. We back high-potential, high-impact enterprises and help accelerate innovations that address pressing societal and environmental challenges. As DBS Foundation marks its tenth anniversary in 2024, we continue to integrate these purpose-driven businesses into our ecosystem in a meaningful way, leveraging our collective strengths to drive an impact beyond banking."
Social enterprises and SMEs that are registered in the bank's six key markets in Asia (Singapore, Hong Kong, China, Taiwan, India, and Indonesia) can apply for the grant. Applicants will be assessed based on the following criteria:
- At least 2 years of track record in delivering and measuring social impact with vulnerable communities.
- An innovative business and impact model with proven market traction and strong revenue growth.
- Clear and focused plans to use the grant funding to commercialise and scale the business and impact over the next 2 years.
- Strong leadership with a clear commitment toward building a sustainable business for impact, and a strong team with relevant expertise and experience.
All applications for the DBS Foundation Grant received before August 31, 2024, 9:30 PM IST will be evaluated for this year's installment, and applications received thereafter will be evaluated in the next cycle.
In 2023, DBS Bank announced that it will deploy up to SGD 1 billion over the next 10 years (i) to improve the lives and livelihoods of the underprivileged and underserved and foster a more inclusive society. Funds will be allocated towards programs that aim to support this vulnerable segment in the community, which will include helping them with immediate daily needs, such as food and housing, improving access to education, and equipping them with important life skills such as digital and financial literacy.
For more details on the DBS Foundation Grant and guidance on applications, please visit: DBS Foundation Grant.
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(i) The actual contribution each year, of up to SGD 100 million, will be determined based on the bank's financial performance in the preceding year.
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. In 2024, CRISIL Ratings reaffirmed its 'CRISIL AAA/Stable' rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at 'CRISIL A1+'.
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. As a different kind of bank, DBS 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 15 consecutive years from 2009 to 2023. In line with its focus on responsible banking, DBS was named the Best Bank for Sustainable Finance - India by Global Finance in 2024. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. As a trusted partner, DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India, focusing on a seamless customer experience that helps them 'Live more, Bank less'. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. DBS Bank India now has a network of nearly 500 branches in 19 Indian states.
DBS is committed to building lasting relationships with customers as it banks the Asian way and understands the intricacies of doing business in the region's most dynamic markets. 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
DBS Foundation is committed to uplifting the lives and livelihoods of those in need. Since 2014, it has been championing innovative businesses for impact-businesses that focus on addressing key societal issues and achieving profit through purpose. Through philanthropic funding, capacity-building, mentorship, and other support measures, DBS Foundation catalyses the growth and impact of these purpose-driven businesses.
It also seeks to ignite positive change by helping the underserved and underprivileged build toward better circumstances. This includes providing essential needs to those without and fostering inclusion by equipping them with financial and digital literacy skills.
DBS Foundation also works with other like-minded partners to ignite enduring change. Its vision is to spark collective action to help build a better world and make every day better and every tomorrow brighter.
For more information, please visit: www.dbs.com/dbsfoundation.
Media Contact Details
Rohini Rego, DBS Bank India, rohinirego@dbs.com, +91-9930549207; Chennakeshav Shenoy, Adfactors PR, Ck.shenoy@adfactorspr.com, +91-9819266998
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