BMO Harris Expands its Black and Latinx Small Business Program across its Full Footprint
Black and Latinx-Owned Small Businesses Increased Access to capital, educational resources and meaningful partnerships for Black-and- Latino-American businesses.
- The BMO Harris announced today that he will be able to work in a similar way, securing the seat of the office. BMO for Black and Latinx Small Business Program, Black & Latino Business. Now the BMO market where BTO Harris operates branches will be available in all BOG markets. This program is part of BMO's five-year program, which consists of five years worth five billion dollars. EMpower is the highest power. Last year, the commitment was piloted in Illinois and Northwest Indiana. BMO is making the loan program available to small businesses in all of the BGM's markets starting in September.
In just nine months the pilot received double the application expected, putting $11 million in capital in the hands of more than 260 black and Latinx entrepreneurs. BMO has also dedicated more than 300 volunteer hours to connecting with community organizations and entrepreneurs to spread the word about this competitive and comprehensive loan program.
"The pilot program response was very effective," said Niamh Kristufek, U.S. Business Banking Director at BMO Harris Bank. The COVID-19 pandemic reinforced the barriers that disproportionately impacted underserved communities. We created the BMO for Black & Latinx Businesses Program to help business owners in their recovery by increasing their access to capital and other resources. With BMO, we're expanding into a capacity for Black and Latinx small businesses to support strong neighborhoods wherever we work and live.
The bank's direct investment in black and Latinx businesses has increased minority business owners' access to capital and networks to expand barriers to inclusion and drive inclusive economic recovery.
Marseil Jackson, owner of Dream Team Enterprises and participant in BMO for Black and Latinx Small Businesses commented, "Access to capital provided the company with a gift to shift during the pandemic. As a medical supply company, we were able to switch to the distribution of PPE supplies which allowed the company to operate successfully. The program BMO for Black and Latinx Business is what I and other minority businesses needed to support and even grow our business.
With the increase in capital access, BMO for Black and Latinx Businesses provides customers with education resources and planning tools to make their businesses more resilient and scalable. BMO maintains strong relationships with every business customer, so that they can increase their chances of success. I specifically say that, a lot is conceivable. BMO for Black and Latinx businesses includes::
- Access to capital: a capital-based capital system. Business With expanded credit criteria and competitive interest rates, owners have better access to working capital. Small businesses can get a revolving line of credit and/or business credit card, but they can only pay interest on what they borrow. They can also qualify for rate discounts when setting up automatic payments from a BMO Harris Business Checking account.
- Access to education: a new education. Free access to practical tools, templates, webinars and coaching to help business owners make real financial progress.
- Accs l'accs : a partner's. BMO continues to form new partnerships with organizations, which give business owners access to meaningful networks, additional coaching and educational resources and alternative funding sources.
The announcement comes just in time for National Small Business Week in the U.S. and the start of Hispanic Heritage Month.
"Black- and Latinx-owned businesses are crucial to a strong local and national economy," Kristufek said. "The overwhelming response to the pilot program shows the need for a balance of access to work capital, stronger partnerships and educational resources all things that contribute to business's growth and expansion. While we're proud of this program, we are proud. We're only going to make a step in our long-term goals to do more for all small businesses.
For more information on Black and Latinx businesses, visit bmoharris.com/blackandlatinx.
Last week, BMO announced the new Women in Business Credit Program to expand access to affordable business credit for women-owned businesses.
About BMO Harris Bank About the BGM Harris bank. BMO Harris Bank offers a wide range of personal banking products and solutions through more than 500 branches and free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides the combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about the BMO Harris Bank, visit the website of the Harrisbank. Fact sheet company reveals company information sheet. . The account is subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is a member of BCO Financial Group, whose portfolio is at the end of July 31, 2021, with total assets of 971 billion CDN dollars.
SOURCE BMO Harris Bank SURCE, the bank has an ATM.