Singapore’s co-operative movement and government are planning a S$1,000,000 Empowering Communities Fund (ECF) to support co-operative initiatives in vulnerable communities.
The fund will be set up by the Singapore National Co-operative Federation (SNCF) and the Registry of Co-operative Societies (RCS), with the financial backing of the country’s co-operative movement and government.
Activities will include organising basic health screenings for the elderly or collaborating with corporate partners to enhance recreational spaces, making them more accessible for individuals with mobility challenges.
In a speech at SNCF’s annual Co-operative Movement Night, community, culture and youth minister Alvin Tan praised co-ops for their role in meeting the needs of vulnerable communities. “[Co-ops] help to strengthen our nation’s fabric when it was still a nascent nation and also (by) serving the underserved,” he said.
Tan, who is also the trade and industry minister, said the government wants to do more to support co-ops, adding: “RCS, in partnership with SNCF, will roll out governance initiatives for (co-ops) to help them navigate the changing business environment and members’ needs.”
He also revealed that the government is looking to create an induction guide for key co-op officers to enable co-ops to adapt the principles for their use.
“With the new fund, we hope to enable co-ops to give back to communities and do their part to strengthen Singapore’s social compact,” said Ang Hin Kee, chief executive officer of SNCF. “Co-ops in Singapore have existed for close to a century. Formed to tackle various needs in society, co-ops continue to exemplify the ‘Do well’ and ‘Do Good’ spirit.”
Other co-op leaders welcomed the announcement, including Vincent Ng, the former general manager of A Good Space, a co-operative on a mission to help its 43 changemaker members transform their communities.
“This new fund provides an impetus for co-ops to act on these emerging needs or support people falling through the cracks,” he said. “It could serve as an activation point for younger staff to practise and connect with the social mission of co-ops they are working for, giving them a sense of purpose and helping with staff retention.”
“Ideas and initiatives that may not be immediately sustainable but have the potential to thrive with some initial support, can stand to benefit from the fund,” said Tony Lim, the founder of the Love Empowered Co-operative, which supports children with learning difficulties. “By providing this early boost, the fund helps these projects succeed and benefit their communities in the long term.”
The fund will be launched in early 2025.
