U.S. Commercial Service and PNC Launch New Initiative to Promote U.S. Exports by Small and Mid-Size Businesses
Washington, D.C. (PRWEB) December 14, 2005
The Commerce Department’s U.S. Commercial Service today announced the selection of PNC Bank, a member of The PNC Financial Services Group, Inc., for a new initiative aimed at boosting exports by small and medium-sized U.S. businesses. PNC is the first bank to team up with the U.S. Commercial Service to promote exporting through cooperative public-private sector export tools and resources.
“The strategic alliance we have formed with PNC Bank will help more small and medium-sized businesses learn about opportunities in the global marketplace,” said Israel Hernandez, assistant secretary for Trade Promotion and director-general of the U.S. Commercial Service. “Ninety-five percent of the world’s consumers live outside of the United States, and by combining our export resources, PNC Bank and the Commercial Service will make it easier for U.S. exporters to establish and grow their international sales.”
Over the last decade, U.S. exports have accounted for a significant portion of the nation’s economic growth, with exports currently supporting about 20 percent of U.S. manufacturing jobs. There is also vast untapped export potential: Small and medium-sized companies comprise 97 percent of U.S. exporters, but as a group account for only a small share of the value of U.S. goods exports. Small businesses create 70 percent of the new jobs in America, and helping these firms export is vital to continued U.S. economic growth.
Through this new collaboration with the U.S. Commercial Service, PNC, which has provided financial services to U.S. exporters for more than 30 years, will connect business customers to more and better information on exporting issues. Joint seminars, trade events and web-based links to export-related services will help businesses to:
Understand the benefits of the U.S. Commercial Service’s worldwide export assistance network of 108 domestic offices and 150 posts in 80 countries
Identify potential customers in foreign markets
Access a variety of financing options
Identify and mitigate risks of doing business in other countries
Settle payments from foreign customers effectively.
“When PNC’s expertise in international banking is combined with the program support of the U.S. Commercial Service, small and medium-sized businesses have a strong ally to support their expansion into new markets,” said Harry G. Hayman III, senior vice president and manager of PNC’s global treasury management/international banking group. “Through greater awareness and increased utilization of available programs, more businesses can participate in the global economy and expand their sales appropriately.”
PNC Bank, N.A., is a member of The PNC Financial Services Group, Inc., [NYSE: PNC], one of the nation’s largest diversified financial services organizations, and is a top lender of the U.S. Export/Import Bank structured finance programs.
The U.S. Commercial Service is a Commerce Department agency that helps U.S. companies — particularly small and medium-sized businesses — sell their products and services in international markets.
PNC Financial Services Group
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