New England Bank to Promote Exports
The Provident Bank will be partnering with the U.S. Department of Commerce, The Granite State District Export Council, and state partners like the Massachusetts Export Center on the New England Export Expansion Fund.
The partnership allows The Provident to provide funding to help offset costs of the U.S. Department of Commerce’s U.S. Commercial Service programs. These programs help U.S. companies explore international trade opportunities by providing trade counseling, business matchmaking services and market intelligence in over 75 markets worldwide.
The program was launched in New Hampshire in late 2013 and to date, over 50 companies have used the funds in more than 30 international markets. The Provident recently expanded the program to engage exporters in Massachusetts, Vermont, and Maine.
“The Export Expansion Fund was primarily designed to encourage small businesses in New Hampshire to seek new international markets,” comments Justin Oslowski, Director of the U.S. Commercial Service New Hampshire. “This program is an incentive for them, at no cost, to begin evaluating the right markets for their products. This small investment can have a big return for a company, in terms of increased demand and a diversified customer base.
“The idea is that if we can strengthen opportunities for businesses, the economy as a whole benefits,” stated The Provident Bank’s CEO, Dave Mansfield. “The goal of our partnership is to help companies grow their exporting endeavors and support jobs in the region as a result of these sales.”
“We are thrilled, thanks to leadership from The Provident, to be able to expand this program,” Oslowski added. “The funding they are providing will make a huge difference in our ability to help New Hampshire, as well as Massachusetts, Maine and Vermont companies broaden their opportunities beyond our borders.”
The Export Expansion Fund (EEF) represents a collaborative effort between the U.S. Department of Commerce, The Provident Bank, the Granite State District Export Council (GSDEC), and other state entities such as the State of New Hampshire Office of International Commerce (NH OIC).
“Most of the world’s consumers are outside the United States and many businesses may not be aware that by concentrating on just markets in the U.S., they are only tapping into approximately five percent of the global market,” said Mansfield. “There is so much opportunity out there, and that’s why The Provident is passionate about its partnership with the Export Expansion Fund. It can open up a world of growth to the amazing businesses we have in New England.”
Once a business has been selected to receive benefits from the Export Expansion Fund, the client is able to take advantage of services offered around the globe by U.S. embassies and consulates.