Now in its ninth year, the award is designed to recognise and catalyse the growth of businesses that have successfully 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 until 15 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 installment, reflecting the sector’s growing awareness and interest in this space.
Sudarshan Chari, Executive Director, and Head- SME Banking, DBS Bank India said in a statement, “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.”
The work of last year’s 23 Grant Award recipients is projected to collectively benefit more than two million lives and livelihoods in Asia, reduce over 100,000 tonnes of food waste, and abate greenhouse gas emissions by 300 tonnes by end 2024. Three Indian startups- Neomotion Assistive Solutions, Saathi Eco Innovations, and Urdhvam Environmental Technologies were among the recipients of the grant.
Shoma Narayanan, Managing Director – Group Strategic Marketing & Communications, 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.”
