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SGTech starts fund to help SMEs in Singapore digitalise
TECH association SGTech has set up a fund to support Singapore's small and medium-sized enterprises (SMEs) in their digitalisation efforts.
The SME "Stronger Together, Aiding Recovery" fund is starting out with S$660,000, comprising amounts pledged by Facebook, an association member, and Enterprise Singapore (ESG). Under the SG Together Enhancing Enterprise Resilience programme, ESG will match S$1 for every S$2 raised by SGTech.
Ordinary and startup members of SGTech - which has nearly 1,000 members - can apply to the fund. However, they must declare that the tech solution or training programme they wish to claim for is not currently supported by any government grant.
They must also be locally registered with more than 30 per cent local shareholding, and operating in Singapore. Also, revenue generated from the Singapore market must not exceed S$30 million.
"While the onset of Covid-19 has proven to be highly disruptive to businesses, it has brought to the fore opportunities for companies to leverage on technology to insulate against some of the consequences of such a shock," said SGTech chairman Wong Wai Meng.
The fund will accept applications from Oct 1 this year to March 31, 2022.