DBS Foundation Awards SGD 3.7 Million to 24 Businesses for Impact

DBS Foundation has announced the recipients of its latest grant funding initiative, the Businesses for Impact (BFIs). A total of 24 innovative and purpose-driven businesses have been selected to receive grant funding amounting to over SGD 3.7 million. These BFIs will not only receive financial support but also benefit from mentorship, capacity-building programs, and networking opportunities.

Driving Impact Through Innovation

Among the six Singaporean awardees are groundbreaking ventures addressing critical societal and environmental challenges. Deaftawk introduces a digital sign language interpretation solution, while Inclus facilitates employment opportunities for persons with disabilities. Alterpacks focuses on eco-friendly packaging alternatives, and SimplyGood offers sustainable home cleaning products. N&E Innovations and Life Lab Resources innovate solutions for waste management and recycling, showcasing the diversity of impact-driven entrepreneurship in Singapore.

Setting Ambitious Goals for Change

With DBS Foundation’s backing, these BFIs aim to make a significant impact by 2025. Their collective goals include positively affecting one million underprivileged individuals, reducing greenhouse gas emissions by 30,000 tonnes, and collecting, reducing, or recycling 50,000 tonnes of waste. This ambitious agenda underscores their commitment to addressing pressing social and environmental issues.

A Decade of Empowering Change

2024 marks the 10th anniversary of DBS Foundation’s commitment to supporting BFIs. Over the years, the foundation has disbursed SGD 17 million in grant funding to 140 innovative ventures across the region, helping them bridge the funding gap and catalyze their growth. Many of these enterprises have gone on to secure significant follow-on funding, demonstrating the effectiveness of DBS Foundation’s support.

Building Inclusive Communities

Looking ahead, DBS Foundation plans to intensify its focus on supporting BFIs that contribute to building a more inclusive society. These enterprises play a crucial role in addressing social inequities by providing access to essential services and employment opportunities. Beyond supporting BFIs, DBS Foundation also engages with vulnerable segments through various community impact initiatives, such as digital literacy programs and support for persons with disabilities.

A Commitment to Social Upliftment

In August 2023, DBS pledged SGD 1 billion over ten years to uplift vulnerable segments in society. This commitment reflects the bank’s dedication to creating positive social change and empowering individuals to overcome socioeconomic challenges. Through strategic partnerships and initiatives, DBS Foundation continues to drive meaningful impact and foster a more inclusive future for all.