BMO Bank of Montreal has announced that it is making $10 billion available to businesses across Canada over the next three years. The financial institution recognizes that 16 per cent of SMEs are led by women and employ over 1.5 million people. BMO also notes that Aboriginal entrepreneurs are increasing at a rate of over three times faster than the rest of entrepreneurs.
“Businesses are in good shape and interest rates have never been more attractive, and the Canadian dollar is strong. We are making more of our balance sheet available to business owners, so they can continue to innovate, grow and create jobs,” said Frank Techar, President and CEO, Personal and Commercial Banking, BMO Bank of Montreal. “This new money will provide small and medium-sized businesses with more certainty of available credit and represents BMO’s ongoing confidence in them and in the Canadian economy.
“Our bankers stand ready to advise business owners on strategic spending and investment decisions that will help them boost productivity and expand into new markets, both at home and abroad. Our bankers are also armed with limits to make almost every lending decision locally, rather than on Bay Street.
“We are seeking to boost lending in every region of the country by actively reaching out to entrepreneurs, including women, and aboriginal entrepreneurs. We are also connecting with younger entrepreneurs with BMO SmartSteps for Business,” added Mr. Techar.
“Further growth in business investment outlays will be critical in helping Canada boost its productivity growth,” said Douglas Porter, Deputy Chief Economist, BMO Capital Markets. “While small- and medium-sized enterprises have shown some understandable caution in recent months, relatively strong finances and supportive financial conditions should spur capital spending further in the coming year.”