16 October 2012, Singapore – DBS Bank has been supporting the development of social entrepreneurship since 2008 and will provide four social enterprises in Singapore with grants to help business expansion while they pursue their social causes. The bank has earmarked S$1 million as project grants this year to fund high growth potential social enterprise.
The four social enterprises selected based on the sustainability of the business models, level of social impact and how innovative their proposed projects are include:
- A-changin offer training and employment opportunities to women in need. DBS will offer a project grant of S$100,000 for the company to set up a second sewing lab and for working capital purposes.
- Adrenalin Events and Education – an events management company that employs youths-at-risk, ex-offenders, the hearing impaired, and wheelchair-bound individuals. Adrenaline will use the S$100,000 grant to expand its audio, visuals, effects and launch mechanisms department.
- Aii employs hearing-impaired individuals for its candy wrapping business and will receive S$40,000 to help set up an e-commerce site, purchase an in-house candy wrapper printer and provide staff training.
- Bizlink Centre Singapore provides comprehensive employment services for disadvantaged people and will receive a S$100,000 grant from DBS to set up a new bakery social enterprise.
DBS has been working with the Social Enterprise Association in Singapore since 2008 to help profile social enterprises. This August, it also partnered with Tata Institute of Social Sciences to champion social entrepreneurship in India. The bank has also integrated the support of social enterprises by procuring goods and services from them and encouraging DBS employees to be advocates. A dedicated area in its headquarters at DBS Asia Central @ Marina Bay Financial Centre Tower 3 has been designated for social enterprises to showcase their goods and services and promote their social causes.