How can SMEs tap on the Market Readiness Assistance (MRA) Grant?
What is MRA Grant?
The MRA grant is administrated by Enterprise Singapore to support small and medium enterprises (SMEs) that have plans to expand their business overseas. This grant is aimed at providing financial assistance for various business activities such as overseas marketing and business development.
SMEs can take this opportunity to launch trade fairs, road shows and engage in business matching to identify potential partners.
What does the grant cover?
Eligible SMEs will receive the following support:
- Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
- Overseas market promotion (capped at S$20,000)
- Overseas business development (capped at S$50,000)
- Overseas market set-up (capped at S$30,000)
- The Trade Credit Insurance (TCI) is an added area of support under overseas market set-up
Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair). As announced at Budget 2021, the maximum support level of up to 80% will be extended for 6 months, until 31 March 2022. (2023 edit: No longer applicable. Do reach out to us for assistance with the application before it’s too late!)
What is my eligibility?
Companies should meet the following criteria:
- Business entity is registered/incorporated in Singapore
- New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
- At least 30% local shareholding
- Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees
I need help with my application, who can I look for?
You can come to us for any queries related to the MRA grant. We have assisted our clients with a variety of claims and applications in the past years.
Feel free to contact us at +65 9876 0332 or email@example.com. Drop us a message on WhatsApp with what you think of this long-running grant!