Everything You Need to Know about Invictus Fund for Social Service Agencies
Presented by the National Council for Social Services (NCSS), the Invictus Fund is an initiative to make private contributions to social service agencies (SSA). The goal is to help enable SSAs to improve the delivery of services and give consumers more value-added features.
Due to the worldwide Covid-19 pandemic, SSAs have recently suffered to sustain their quality and facilities. For this cause, the government of Singapore has declared an Invictus Fund top-up of $18.3 million. Also during Fortitude Budget, declared in June 2020, the additional funding would provide SSAs with the much-needed relief to sustain service delivery during these difficult times and also introduced Singapore digital resilience bonus for this tough situation to support the businesses.
How much capital can a company receive?
The Invictus Fund can be used by SSAs to facilitate activities in two areas: Digital Solutions and the Business Continuity Strategy. A break-down of how much funding a business will obtain for each of these divisions is given below.
Digital Solutions Solutions
The Invictus Fund can be used by SSAs to promote digitalization. In the following ways, they can use the fund to implement technology and develop service quality and the entire work procedure:
Pre-Scoped IT Solutions
The fund can be used for IT services such as Laptops and Online Meeting Software, Document Processing, Accounting & HR Framework, and Inventory Monitoring. With a $30,000 limit per SSA, 80 percent of the expense can be subsidized by using Invictus Fund. Such Pre-Scoped IT Solutions that are widely used are:
- Accounting Tools from ABSS
- Software for Xero Cloud Accounting
- Simple Payroll Solution for HR
- Tools from Talenox
The fund can also be used to support 80% of the expense of specially tailored systems to fulfill the particular requirements of the market. Under this group, an SSA may get a cumulative Invictus funding of $300,000.
Business Continuity Plans
SSAs can also use the Invictus Fund to enact company continuity strategies. Safe management systems may be included in the continuity plans when complying with the rules of the new normal, such as decreased contact and social distance. For touch tracing, health checks, and even for maintaining proper cleanliness, businesses might want to use the fund. Up to $100,000 may be used by each SSA for business continuity plans.
Eligibility for the Invictus Fund and Application
For all NCSS employees and full members, the Invictus Fund is accessible. In one of the application windows mentioned below, qualified companies can apply via the NCSS online portal:
- September 28 to October 30, 2020
- January 4 to 29, 2021
- April 5 to 30, 2021
- July 5 to 30, 2021
Within 6 weeks of application, applicants will obtain a verdict.
Approximately 82% of the funds went to help organizations to maintain their services available to customers, while the additional 18% went to developing the digital capacity and technology of SSAs for better communication and IT protection.
In addition to financial assistance, NCSS also works directly with social service providers to assist them with the continuation of the business and the introduction of technology into their processes and the provision of services, to ensure that access to essential social services continues to be accessible, particularly to those in need.