the Market Readiness Assistance (MRA) Grant is a financial assistance program provided by Enterprise Singapore, a government agency, to help Singaporean Small and Medium Enterprises (SMEs) internationalize and expand their businesses overseas.
Key features of the Market Readiness Assistance Grant include:
Market Entry Support: The MRA Grant supports SMEs to explore new overseas markets and expand their international presence. This support includes market assessment, market entry, and market promotion.
Financial Assistance: The grant funds eligible SMEs to defray various costs such as market entry and expansion activities. These costs may include market assessment studies, market entry advisory services, overseas market promotion, and marketing collateral development.
Eligibility Criteria: To qualify for the MRA Grant, SMEs must meet certain eligibility criteria set by Enterprise Singapore. Generally, eligible companies must be registered and operating in Singapore, have a minimum of 30% local shareholding, and meet certain financial criteria. They must also demonstrate a clear internationalization strategy and the potential for overseas market expansion.
Funding Quantum: The MRA Grant typically covers up to 70% of eligible costs, subject to a predetermined grant cap. The grant amount varies depending on the nature and scope of the proposed overseas market entry activities.
Application Process: SMEs interested in applying for the MRA Grant can apply to Enterprise Singapore. Applications are assessed based on the company’s track record, market entry strategy, and potential impact on internationalisation efforts.