The New England Export Expansion Fund Helps Local Businesses Expand Their Customer-Base to Overseas Markets
The New England Export Expansion Fund (NEEEF) began in New Hampshire in 2013 with a goal of assisting local New Hampshire businesses market and sell their products overseas. In just three short years, over 50 companies used the funds in more than 30 international markets.
In 2016, a powerful collaborative partnership was formed between The Provident Bank, the Granite State District Export Council (GSDEC), the US Department of Commerce, the District Export Council of New England and local partners. These organizations came together with a mission to expand this already successful program to the rest of the New England states, providing small to medium sized businesses from all over New England access to the program.
“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 5% of the Global market,” states Dave Mansfield, CEO of The Provident Bank. “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.”
Who is eligible to apply?
You may be eligible to apply if:
- You are a business located in either Massachusetts, Maine, New Hampshire or Vermont.
- Your business has a concentration on manufacturing.
- Your product(s) are of U.S. origin and have at least 51% U.S. content.
What can the grant be used for?
As part of the eligibility requirements for the grant, New England Export Expansion Fund money must be used to offset the cost of U.S. Department of Commerce services. These services include, but are not limited to:
- Initial Market Check – assesses the market potential of a product or service in a targeted market.
- International Partner Search – provides U.S. firms with a list of up to five agents, distributors and partners that have expressed an interest in your product or service.
- Gold Key Service – provides U.S. firms traveling to a foreign market with up to five pre-screened appointments to establish relationships with potential overseas agents, distributors, sales representatives, business partners and other local entities in-country.
- International Company Profile – provides U.S. companies with (basic to in-depth) background check information on a specific foreign company to help determine its suitability as a potential business partner.
- Single Company Promotion – provides U.S. companies with promotional services to help increase the awareness of their product/service in a specific market.
- Trade Events – including Trade Show representation and Certified Trade Missions.
- Customized Market Research – answers questions about an overseas market.
Interested in learning more? Contact Leanne Spees, International Finance Officer at The Provident Bank at lspees@theprovidentbank.com or by phone at 603-380-8836, or visit nhexportassistance.com/ne-eef.