5 Reasons Why SMEs in Singapore Should Apply for the Market Readiness Assistance Grant

5 Reasons Why SMEs in Singapore Should Apply for the Market Readiness Assistance Grant


Singapore is a bustling hub for business, with its strategic location, robust infrastructure, and skilled workforce making it an ideal springboard for companies looking to expand internationally. 

To assist Small and Medium-sized Enterprises (SMEs) in realising their global aspirations, the government has introduced the Market Readiness Assistance (MRA) Grant. This initiative is a veritable lifeline for SMEs looking to venture into global markets, equipping them with the necessary support to compete at an international level. 

This grant, offered by Enterprise Singapore, provides up to 50% reimbursement for eligible costs. But, its benefits reach far beyond just financial support. Here are five compelling reasons why SMEs in Singapore should seize the opportunity the MRA Grant offers.

1. Access to International Markets

Singapore’s SMEs hold significant potential to succeed in overseas markets due to the city-state’s robust business ecosystem and strategic location. However, entering these markets can be challenging without the necessary support. This is where the MRA Grant comes in – it offers a launching pad for SMEs to explore and expand their footprints globally.

For SMEs with aspirations to go beyond the borders of Singapore, the MRA Grant is a godsend. It assists with market entry activities such as market assessment, market entry strategy, business matching, and overseas market set-up, giving businesses the push they need to go from ‘interested’ to ‘active’ in international market spaces.

2. Funding Support

One of the most enticing aspects of the MRA grant is, undeniably, the funding it provides. 

The grant covers a hefty 70-80% of eligible costs for activities, with a maximum allowance of S$100,000 per new market per fiscal year. This level of financial backing for SMEs is not only beneficial but also critical, especially when dealing with the unforeseen costs that come with international business ventures.

Whether it’s covering legal and certification fees, intellectual property-related expenses, or expenditures related to overseas product testing and local consumer market survey, the MRA Grant is designed to ease the financial load that often comes with exploring new markets.

3. Expertise and Capability Development

Market entry may look like an intimidating task, especially for SMEs that are new to the international stage. Expertise is one of the most valuable resources when it comes to navigating unfamiliar territories, both literally and figuratively. By applying for the MRA Grant, SMEs tap into a rich pool of professional support.

The grant facilitates professional services like consulting, training, and market research. These activities assist in developing the necessary capabilities to ensure competitiveness in international markets. Whether it’s understanding the legal intricacies of a foreign market or developing cross-cultural negotiation skills, the MRA Grant provides the tools and resources to bridge the gap.

4. Networking Opportunities

In the world of international business, who you know can be as important as what you know. The MRA Grant opens doors to business networks, both at home and abroad. 

It supports activities that facilitate networking and opportunities for partnership and business matching. These connections are invaluable, as they can lead to collaborations, distribution partnerships, or even potential investors.

Through the grant, SMEs can participate in trade fairs, conferences, and business missions, enabling them to build relationships with potential customers, suppliers, and partners. These connections not only assist in immediate business development but also lay the foundation for long-term partnerships that can sustain and grow SMEs’ international endeavors.

5. Growth Acceleration

The MRA Grant is not just a vehicle for market entry; it is a vehicle for growth. By defraying the costs and providing a structured approach to international expansion, SMEs can allocate resources more efficiently and focus on activities that will scale their business.

The grant allows SMEs to undertake activities that create or enhance their value proposition, such as product branding, quality and standards certification, and packaging design. With these enhancements, SMEs can effectively differentiate themselves in the marketplace, accelerating their growth and increasing their sustainability in the long run.


The MRA Grant is an anchor of support for SMEs in Singapore who wish to take their business to the international stage. It offers funding, expertise development, and networking opportunities, which are essential for any business looking to expand globally. It is a testament to Singapore’s commitment to fostering its SME sector and an invitation to all eligible SMEs to take their next step toward international success.

To all SME owners and exporters out there, the MRA Grant is an opportunity – don’t miss it. Leverage the advantages it provides, and watch your business thrive in new, exciting international markets.

Remember, the MRA Grant is not just about subsidising costs. It’s about investing in your business’s future. It’s about preparing your enterprise for the global stage and ensuring that Singaporean SMEs make their mark in the world. Take this chance, apply for the MRA Grant, and take your first step towards a more globally connected future for your business.