Businesses in the state leverage the region’s assets to expand their international trade operations.
Boston was a hub of global commerce before it was a U.S. city.1 Today, despite the challenges posed by ongoing trade conflicts, businesses in Boston, its surrounding metropolitan area, the state of Massachusetts and the region as a whole, continue to take advantage of the expanded customer base and growth opportunities international markets offer.
Metro Boston has long been a worldwide center of higher education and medicine. Considering also Massachusetts’s status as a global center of biotechnology, financial services, and technology, the city has become one of six undisputed global superstar cities for venture capital investments.2
Investing in and advocating for global trade in Massachusetts
Luckily, this has not gone unnoticed. Recognizing the importance of international trade to the regional economy, Massachusetts has stepped up its infrastructure investments.
- Port of Boston upgrade: The Port of Boston is undergoing an $850 million upgrade to ensure it offers world-class facilities that meet the needs of continued global trade.3 The Port of Boston directly supports more than 66,000 jobs in more than 1,600 companies throughout Massachusetts and New England.3 These local businesses represent $27 billion in exports and $35.5 billion in imports3
- State trade agencies: Meanwhile, state agencies such as the Massachusetts Office of International Trade and Investment advocate internationally for Massachusetts businesses by promoting them among foreign business leaders and officials. They help local businesses navigate details related to entering international markets4
- Federal trade agencies: Various federal agencies, including the Export-Import Bank and the Small Business Administration, also offer grants and financing programs to firms focusing on international expansion5
What could this mean for your Massachusetts-based organization?
Many local businesses—from well-established entities to new start-ups—are using Massachusetts’s existing infrastructure to extend their reach into new markets. The Port of Boston offers opportunities for importers and exporters alike, from life sciences companies like EMD Millipore, which seek access to global manufacturers and consumers,3 to regional liquor distributors like Horizon Beverage seeking new and unique foreign vineyards to market to their local customers.3
Firms often find that international trade can also jump-start their expansion goals. After companies start exporting, they increase their employment at rates almost four times faster than non-exporting firms, driving economic growth in their local communities and developing a deeper regional talent pool.6
Realizing your organization’s international vision
Your organization may need capital to realize your international trade vision. M&T Commercial Bank has the expertise and resources to help you sort through your international trade financing options.
For example, the bank works with clients in Massachusetts to secure working capital loans guaranteed by the Export-Import Bank. These arrangements provide financing for borrowers with inventory tied up in work in progress, which banks typically won’t accept as collateral for a domestic line of credit.7
With sufficient capital in hand, your firm can reap the rewards that come with access to international markets—while supporting local and regional economic growth in Massachusetts.
M&T offers a range of International Banking services for importers and exporters. Tap into our global network to grow your business. Contact M&T Bank today at 1-800-724-2240 to speak with an experienced international banking professional in your region.
This article is for informational purposes only. It is not designed or intended to provide financial, tax, legal, investment, accounting, or other professional advice since such advice always requires consideration of individual circumstances. Please consult with the professionals of your choice to discuss your situation.