SINGAPORE: In an exciting development for community-driven projects, a $1 million fund is set to launch in early 2025, aiming to support co-operatives in Singapore as they roll out or expand initiatives for vulnerable communities.
This fund, known as the Empowering Communities Fund, is a collaborative effort between the Singapore National Co-operative Federation (SNCF) and the Registry of Co-operative Societies, with equal financial contributions from the co-op movement and the Government.
Provide much-needed boost
The purpose of this fund is to defray the costs that co-operatives incur when implementing grassroots initiatives. While specific details are still being finalized, the fund is designed to co-fund a portion of these expenses, providing a much-needed boost to community-based projects.
The unveiling of this fund took place at the third Co-operative Movement Night, an annual event that celebrates the achievements of the co-operative movement and recognizes the contributions of its members.
Held on Aug 16 at the Singapore Marriott Tang Plaza Hotel, the event brought together around 300 co-op members and guests. Minister of State for Culture, Community and Youth Alvin Tan, who is also Minister of State for Trade and Industry, was present at the event.
He highlighted the pivotal role that co-operatives have played in Singapore, from strengthening the nation’s social fabric during its early years to serving underserved communities.
Mr Tan shared that the fund could support various initiatives, such as basic health screenings in community spaces or making recreational areas more accessible for individuals with mobility challenges.
He also announced that the Government is committed to providing further support to co-operatives in areas such as governance, sustainability, and serving vulnerable communities.
One initiative includes the introduction of an induction guide for key co-op officers, which co-operatives can adapt for their use.
Empowering vulnerable communities
The event also recognized the contributions of 48 leaders from 24 different co-operatives, including Mr Yeo Chun Fing, who has been involved in the co-op movement for over 30 years.
Mr Yeo, now chair of the AUPE Credit Co-operative (ACC), shared the evolution of the co-op from its inception in 1965 to meet the needs of public servants to its current form, serving over 15,000 members and holding assets of over $148 million.
Another leader recognized was Mr Vincent Ng, who served as the general manager of A Good Space, a cooperative established in 2020.
Mr Ng, 32, emphasized the potential for youth involvement in the co-op movement, drawing from his experience studying the co-op scene in the United States.
He envisioned co-operatives playing a role in restructuring heritage businesses and serving as a viable structure for charities to invest in their beneficiaries.
SNCF chief executive Ang Hin Kee underscored the importance of initiatives that build self-reliance among beneficiaries. He also pointed out the potential for co-operatives to expand into sectors such as urban farming and social services for caregivers and gig workers.
Mr Ang noted that the focus of co-operatives should be on their social mission, which could involve serving smaller, niche communities in need.
The Empowering Communities Fund represents a significant step forward in supporting community-driven projects and empowering vulnerable communities in Singapore.
With the collaborative efforts of the co-op movement and the Government, this fund is poised to make a lasting impact on the lives of those it serves.