About The SGTech STAR Fund
SGTech, through our members’ contribution of funds and supported by Enterprise Singapore’s (ESG) STEER programme, has introduced the ‘Stronger Together, Aiding Recovery’ (STAR) Fund.
The name ‘Stronger Together, Aiding Recovery’, ‘Stronger Together’ reflects the support among members to build strength and resiliency within the SGTech community; ‘Aiding Recovery’ illustrates the intended result of the initiative, to help the broader business community leverage technology to transform and thrive in the post-COVID-19 economy.
The STAR Fund helps members by providing funding assistance to generate revenue and sustain their business during this period. The STAR Fund also provides support for companies that desire to position themselves for the post-COVID-19 recovery by upgrading their competencies through training programmes. With a funding size of S$660,000, about 2,000 SMEs can benefit from the Fund.
The STAR Fund will accept applications from 1 Oct 2020. The last payout for eligible applications would be on 31 Mar 2022, or upon the complete drawdown of the Fund, whichever is earlier.
The STAR Fund will primarily support the business growth of SGTech members who are tech SMEs, to:
- Acquire new SME customers in the weakened business environment as a result of the pandemic
SGTech members may apply for marketing support for their tech solutions that help non-tech SMEs to digitalise.
- Train and reskill their workforce by harnessing new digital capabilities or deepen current skills
SGTech member companies may apply for support for training programmes that:
i. Assist entrepreneurs in growing their business (e.g. fundamentals of business expansion, design thinking)
ii. Help harness new tech capabilities or deepen existing tech skillsets for employees
All training programmes must be offered by SGTech members.
A. Company A is an ERP solutions provider. Their solutions comply with the IRAS E-Tax guide and are Peppol e-invoice ready but not supported by any government grant. Company A can apply for the STAR Fund to offer their SME customers additional post-implementation support hours as part of their sales bundle.
B. Company B, a cybersecurity company, wishes to send their staff for training provided by Company C. Both companies are SGTech members, and the particular training course(s) offered by Company C is not supported by any government grant.
Company B can apply for the STAR Fund to offset their staff’s training costs.