A $500,000 grant set up by DBS Foundation to help social enterprises with their cash flow woes has attracted applications from 13 Singapore-based social enterprises that employ 2,500 people in all and support about 100,000 beneficiaries.
The initiative is available to 60 foundation-supported social enterprises across Asia and comes in various forms, such as existing grants and mentorship programmes.
Successful applicants will also have access to the foundation’s support network, which includes mentorship, business networking and matchmaking opportunities with the bank’s clients and fellow social enterprises.
The aim is twofold – to help these organisations protect and create jobs, while also using digital tools to find new income streams to transform their operations.
DBS is also making available the collateral-free social enterprise Digital Business Loan to all 360 social enterprises registered with the Singapore Centre for Social Enterprise at an interest rate from as low as 2% a year.
All social enterprises can sign up for the bank’s complimentary webinars and online courses on how they can transact, trade and manage their banking needs from home.
DBS will also provide social enterprises with a complimentary COVID-19 Business Resource Guide, with tips for businesses to navigate the economic uncertainty.
Wateroam, which manufactures portable water filtration systems for use in developing countries, has applied for the grant.
Chief executive David Pong told The Straits Times: “The grant will be of great help in defraying the costs of such digitalisation that is necessary for us to continue operating during times like these.”
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Source: The Straits Times, 8 June 2020