2024 grant awardees to receive up to INR 1.5 CR (SGD 250,000) in funding; Applications open until August 30, 2024
FinTech BizNews Service
Mumbai, August 7, 2024 - 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 30, 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 30, 2024, 9:30 PM IST will be evaluated for this year’s installment, and applications received thereafter will be evaluated in the next cycle.
