KeyBank Pilots Initiative to Boost Business Exports
CLEVELAND -- KeyBank has been selected as a partner bank in the pilot program of the U.S. Global Business Solutions initiative. The initiative will "bundle" U.S. government trade-finance products for lenders and exporters, and the programs/products will be combined into a single menu of options that will be tailored to the exporter's development.
U.S. Global Business Solutions is an interagency initiative launched by the Small Business Administration to expand the reach of federal government export assistance, with the goal of adding 50,000 small businesses to the nation's exporter base by 2017.
The initiative will make it easier and more cost-effective for exporters to use the programs and products of multiple agencies, according to John Moshier, manager of KeyBank National SBA. Six federal agencies will be participating: Ex-Im Bank, the SBA, the U.S. Department of Agriculture, the U.S. Department of Commerce/International Trade Administration, the U.S. Trade and Development Agency and the Overseas Private Investment Corporation.
"Many small businesses are not aware of their export opportunities, or are wary of the risks navigating global trade," Moshier said. "Global Business Solutions makes it more user friendly for banks and businesses to expand in a global market. This new initiative will reduce the complexity of accessing multiple federal government agency resources to provide streamlined access to international experts, financial products, and business services for exporters."
KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $89.2 billion at March 31.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our free daily email headlines and to our twice-monthly print edition.