(AMESBURY, MA, August 2, 2018) – Dave Mansfield, CEO of The Provident Bank, announced today the bank’s collaboration with the Massachusetts Export Center to launch a new program to assist local businesses interested in exporting their products and services – The Export Compliance Fund. This is part of an ongoing effort by the bank to support the growth of local businesses by tapping into the global marketplace.
“A few years ago The Provident was approached by a customer asking if we could offer financial lending support for their export operations,” explains Mansfield. “We were able to support their initiative, and in the process, discovered that other local businesses had the same need. Since then we have partnered with local state and government agencies, like the Massachusetts Export Center, to assist with education programs to help small businesses receive guidance and support in their goal to grow through exporting.”
The Export Compliance Fund is an indirect grant fund to help small businesses in Massachusetts comply with federal export regulations. This fund is designed for small businesses seeking both to understand U.S. export regulations and to develop and implement protocols that ensure compliance.
“The Provident Bank has been an active partner with the Massachusetts Export Center for the past three years,” says Paula Murphy, Director of the Massachusetts Export Center. “This is a bank that goes beyond banking. They participate in programs, and help us develop new ones. They actively seek out the needs of small businesses and engage in conversation with our organization. Through our partnership, we have been able to offer even more small businesses the opportunity to expand into the global marketplace.”
“The Massachusetts Export Center provides a wealth of information for local businesses with a desire to grow through exporting,” comments Leanne Spees, SVP, International Finance Officer at The Provident Bank. “Paula and her team understand the opportunities that exist outside the U.S., and how exporting products and services can help local businesses, as well as our local economy. They have been great partners to The Provident.”
The Export Compliance Fund is open to small businesses in Massachusetts with 100 or fewer employees and without an effective export compliance program in place (although the compliance program can be in development). Eligible applicants must be either existing exporters or non-exporters developing technology that may be controlled for export purposes. Funding is limited and will be assigned on a first-come, first-serve basis for approved applicants.
For more information, requirements, and to apply, visit: https://www.msbdc.org/export/compliancefund/
To learn more about The Provident’s International Finance Services, visit: https://www.theprovidentbank.com/new-1-11-international-banking
About The Provident
The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).