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DBS brings financing solutions for SMEs to accelerate sustainability plans

By Gloria Mathias

October 30, 2023

  • AI
  • API
  • Asia
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DBS, bank, Singapore, payments, API, Asia, digital banking, credit, blockchain, open banking, financial inclusion, AI, Loans, Lending solutions, Financial Solutions, ESG, Green Loans, DBS has introduced a hybrid financing solution to help SMEs access a wider pool of capital to finance their sustainability journeys.

The DBS Eco Renovate Loan enables SMEs to borrow up to 100% of the cost of using resource-efficient or energy optimisation solutions for a green renovation project at preferential rates. Companies can also choose to bundle the loan with a traditional commercial loan to finance their total renovation needs.

Koh Kar Siong, Group Head of Corporate and SME Banking, DBS, said, “SMEs are increasingly aware of the need to embed sustainable practises into their businesses to better compete in a green economy. Yet, most sustainable financing initiatives are geared towards larger corporations, as these companies have access to the data, resources, and know-how to track and measure their progress. The Eco Renovate Loan aims to bridge this financing gap by offering SMEs a simple, effective solution to kickstart their sustainability journeys.”

The Eco Renovate Loan is structured in line with internationally recognised Green Loan Principles and is the latest in a suite of financing solutions, including electric vehicle financing, sustainable trade financing, and renewable energy financing, by DBS to help accelerate the adoption of sustainability solutions by SMEs.

Companies and contractors use a simplified checklist to identify, track, and implement sustainability-related initiatives in their renovation projects. Companies must submit a pre-renovation checklist with supporting documents such as quotations as well as invoices as proof of work done after the project is complete.

Simultaneously, DBS is partnering with SMEs to help them compete and grow in the green economy. It recently announced a new two-year collaboration with SkillsFuture SG to offer sustainability skills training.

Companies can also participate in a progressive four-stage programme under the bank’s ‘ESG-ready’ initiative, where they can learn to develop a sustainability strategy and implement their action plan with the necessary tools and solutions. Companies can then validate their ESG performance through independent third-party assurance and reporting.

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