Singapore’s First Recyclable Grant – Propelling Promising Charities
The Maybank Momentum Grant will help propel promising charities forward to transform their operations during difficult times and to build the right momentum to thrive.
Eligibility Criteria
- Charities in the social and welfare sector with local-based operations
- Maximum of $2 million in annual TOE (Total Operating Expenditure) – raised from $1 million in previous grant calls
- Less than 1 year of cash reserves
- Have plans to transform the organisation to scale impact
A New Reality
Uncertain and Challenging Times
The economic fallout due to the prolonged Covid-19 pandemic is starting to hit charities hard, albeit with varying degrees of difficulties for different organisations. While giving rose in the initial weeks of Covid-19, some charities are beginning to see a drop in donations as the situation looks set to stay for some time. Smaller charities in particular are facing challenges with the economic fallout. Many of which are facing severe short- and longer-term disruptions in their operations and finances.
Cashflow is an issue due to loss of fee-for- service income and cancelled fundraisers. These have resulted in a drastic 50% — 90% income drop for most charities.
Unlike larger charities, smaller charities are hit harder in times like this due to their small reserves and lean in-house capabilities.
Smaller charities also may not have the capability to transform but need to do so the most as current models of service delivery or fundraising are made untenable due to the COVID-19 situation.
The Maybank Momentum Grant seeks to ensure affected charities can survive, avoid downsizing and emerge stronger from the crisis.
What is the Maybank Momentum Grant
RECYCLABLE GRANT
Maybank Momentum Grant will help small charities (including non-IPC charities) tide through the medium-term by providing a interest-free recyclable grant equivalent to 4 months of operating expenditure capped at $150K.
By recycling the grant, it enables TMT to channel support to more charities in need, multiplying the impact of the fund.
CAPACITY BUILDING
Besides capital support, it will also provide initial capability building for charities to kickstart their transformation efforts.
We will do this through strategy masterclasses and 1-1 consultation sessions to help charities serve better, and build stronger sustainability.
MAYBANK COMMUNITY PACKAGE
Grantees will be offered a set of comprehensive SME banking solutions that consist of a current account with preferential time-deposit interest rate and a suite of digital solutions from the SME Start Digital programme that Maybank will subsidise.
Grant Panel
Overseeing the grant approval process is our distinguished grant committee:
Mr Eugene Seow
Board Member, The Majurity Trust
Dr John Lee
Country CEO and CEO Maybank Singapore
Ms Melissa Kwee
CEO, National Volunteer and Philanthropy Centre
Hear From Our Grantee Partners
Engineering Good
A non-profit organisation that empowers disadvantaged communities through humanitarian engineering.
The Greenhouse
A substance addiction recovery centre for marginalised communities that find it hard to seek help out of shame or fear of discrimination.
Limitless
A non-profit organization founded with the desire to see every youth given the opportunity to live out their potential.
Application process
Grant call will open from 1-28 February 2022
STEP 1
Submit a grant enquiry below
STEP 2
Complete the Maybank Momentum Grant (MMG) Application Form to provide key information on your organisation and forward plans.
STEP 3
The grant panel made up of representatives from Maybank, TMT and experts in the charity sector will evaluate the grant proposals.
STEP 4
If approved, applicants will receive up to 4 months of operating expenditure or capped at $150K, whichever is lower.
Grantee Partners
Frequently Asked Questions
1 Who is eligible?
Charities in the social and welfare sector with a maximum of $2 million in annual Total Operating Expenditure (TOE) and with less than 1 year of cash reserves are eligible to apply.
2 What is a recyclable grant?
This Recyclable Grant is designed as a pay-it-forward model where grantee partners are highly encouraged to return the grant back to The Majurity Trust for the purpose of future grant giving to other charities.
3 What can the grant be used for?
The grant use is flexible and depends on the charities’ organisational and programme needs. However, it must align with and support the charities’ plan to transform and scale impact. The grant cannot be used to repay existing loans or given out in cash or vouchers to beneficiaries.