DBS seeks to bring a business approach to social ventures
DBS launches a programme that can help social enterprises scale up
DBS is offering financing options as well as banking and finance courses to help social enterprises make a greater impact on society.
Under its DBS Social Enterprise Support Programme, participating social enterprises will gain access to mentoring sessions by DBS senior SME bankers, banking and finance training courses at the DBS SME Academy, on top of financing options.
The programme is designed to help the enterprises achieve financial sustainability, source funding and acquire customers.
The programme is launched in conjunction with the DBS Foundation Social Enterprise Summit 2018, where business leaders and social entrepreneurs gather to discuss how businesses can transform to create a new era of commercial and social collaboration.
“Social enterprises have big ambitions to make a positive impact in their community, and very often they struggle with limited resources. In the past 50 years, we have supported the growth and development of many home-grown businesses. With that same passion, we want to support these social enterprises in their journey to create greater social impact,” says Joyce Tee, DBS group head of SME Banking.
The DBS Social Enterprise Support Programme is built on three pillars – mentoring, training and financing. Social enterprises will also receive a relationship managed account traditionally reserved for larger corporate customers. The programme will jointly be administered by the DBS SME Banking team and the DBS Foundation.
Under DBS mentoring programming, over 28 senior SME relationship managers are committing at least of eight hours a month to mentor social enterprises in their specialized industries. These industries include retail, F&B and healthcare. These relationship managers will provide social enterprises with advice to improve their financials, technology infrastructure, human resource management, and better manage their legal, audit and tax requirements. Initially it will mentor the 12 social enterprises under its DBS Foundation grant programme.
Photo courtesy of DBS. A DBS Foundation grant awardee