DBS Bank has started a programme to mentor and finance 12 social enterprises here.
It said yesterday that the scheme will give enterprises "access to mentoring sessions by DBS senior SME (small and medium-sized enterprise) bankers, banking and finance training courses at the DBS SME Academy, as well as better financing options".
Social enterprises will also receive a relationship managed account that is "traditionally reserved for larger corporate customers", the bank added.
Ms Joyce Tee, group head of SME banking at DBS, said: "Social enterprises have big ambitions to make a positive impact in their community, and very often they struggle with limited resources."
She added that the bank wanted "to support these social enterprises in their journey to create greater social impact".
Mr Ong Tian Chang, co-founder of Yonah, one of the 12 social enterprises in the programme, said: "Running a social enterprise comes with many challenges, and it is so important to find business partners who understand your goals, passion and purpose. I'm looking forward to working with DBS as we pilot our service and work to transform healthcare in rural communities."
CREATING GREATER SOCIAL IMPACT
Social enterprises have big ambitions to make a positive impact in their community, and very often they struggle with limited resources... (The bank wanted) to support these social enterprises in their journey to create greater social impact.
MS JOYCE TEE, group head of SME banking at DBS, on why the bank is mentoring and financing 12 social enterprises here.
The programme is being administered by DBS Foundation and the bank's SME banking team.
It was launched ahead of the DBS Foundation Social Enterprise Summit 2018, which starts on Oct 16 and runs till Oct 18.