This year, the award is designed to recognise and catalyse the growth of businesses that have integrated both social or environmental impact and financial profit into their business models
DBS Foundation has announced the Business for Impact Grant Award for social enterprises and small-and-medium enterprises (SMEs) that are developing innovative solutions to address pertinent social and environmental issues.
This year, the award is designed to recognise and catalyse the growth of businesses that have integrated both social or environmental impact and financial profit into their business models and are strongly positioned for long-term growth. SMEs and social enterprises can submit their applications until15 June 2023.
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, reflecting the sector’s growing awareness and interest in this space.
Beyond the funding, recipients of the Grant Award can tap into 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.
Sudarshan Chari, Executive Director, and Head- SME Banking, DBS Bank India said, "SMEs have demonstrated their ability and willingness to adopt sustainable practices. However, they often face challenges such as limited resources, insufficient bandwidth, and uncertainty about achieving scale. DBS Foundation's Business for Impact Grant Award aims to assist such enterprises in transitioning to sustainable and impact-driven models. In addition to the grant, we offer a range of sustainable financing and ecosystem platform solutions to accelerate their transformation journey."
Shoma Narayanan, Managing Director - Group Strategic Marketing & Communications at DBS Bank India, said, "The DBS Foundation Grant Award seeks to support and inspire the next generation of changemakers while advocating for responsible business practices. We strongly believe that purpose-driven businesses have the potential to create a positive impact and play a significant role in addressing critical societal issues. Our award serves as a platform to offer our unwavering support to these enterprises in their journey to develop innovative solutions, empowering them to achieve their full potential."