Dave Mansfield, CEO of BankProv, 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 BankProv 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.
“BankProv 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 BankProv. “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 BankProv.”
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/