As announced at Budget 2021, TCIS will be streamlined under the Market Readiness Assistance (MRA) Grant as the Trade Credit Insurance support category with effect from 1 April 2021.
Trade Credit Insurance (TCI) is an insurance protection that your company can purchase to protect itself against non-payment by your buyers, allowing you to acquire new customers with greater confidence.
The Trade Credit Insurance Scheme (TCIS) defrays the cost of insurance for companies by supporting part of the minimum premium payable.
If your company qualifies, Enterprise Singapore can support up to 50% of the minimum insurance premium for TCI policies provided commercially by Singapore-registered credit insurers. This is subject to a maximum lifetime support of S$100,000 per qualifying Applicant Company.
Companies applying for the TCIS should meet the following criteria:
1 ACRA registered Sole Proprietorship, Partnership, Limited Liability Partnerships and Companies are eligible to apply for the scheme. Approval of the loan is subject to the PFI’s assessment.
Approach a Singapore-registered TCIS broker/insurer to structure and purchase your TCI policy.
Should your company qualify for support under TCIS, the broker or insurer will assist you in the submission of your application for TCIS premium support to Enterprise Singapore.
Email us here or contact us at +65 6898 1800.
* Support under TCIS will be up to the qualifying Applicant Company’s portion of minimum premium for the TCI Policy.