(MENAFN- PR Newswire)
The launch builds on BMO's Zero Barriers to Business programs for Black, Hispanic/Latino, Native, and Women-owned businesses.
BMO has committed $200 million in lending for the Zero Barriers to Business program.
Zero Barriers to Business breaks down barriers for historically underserved groups through inclusive banking products and services.
CHICAGO, Aug. 29, 2024 /PRNewswire/ - BMO today announced the expansion of its
Zero Barriers to Business programs to include Asian, LGBTQ+ and Veteran-owned businesses, building on its widely recognized BMO for Black, Hispanic/Latino, Native and Women-owned programs. The programs break down barriers for historically underserved groups through inclusive banking products, services and resources as part of BMO EMpower 2.0 , the bank's more than $40 billion community benefits plan.
"Empowering our customers, colleagues and the communities we serve to make real financial progress is central to BMO's purpose, to Boldly Grow the Good in business and life," said Niamh Kristufek, Head, U.S. Business Banking, BMO. "The launch of BMO's Zero Barriers to Business for Asian, LGBTQ+ and Veteran-owned businesses is a significant step toward a more inclusive society. By supporting business owners that have long faced systemic barriers to growing their business, we ensure they have access to the capital, financial tools, and education they need to thrive."
BMO's
Zero Barriers to Business
includes:
Access to capital: Business owners receive access to working capital with preferential pricing. Qualified small businesses can obtain a revolving line of credit that allows them to pay interest on what they borrow. They can also qualify for rate discounts when setting up automatic payments from a BMO Business or Personal Checking account. 2,3
Access to education: Free access to practical tools such as business plan templates, profit improvement calculators, podcasts, webinars and coaching to help business owners achieve their goals.
Access to partnerships: BMO is continually forming new partnerships with organizations that give business owners access to meaningful networks, additional coaching, educational resources, and alternative funding sources.
Since launching the first programs in 2020, the bank has helped small businesses make real financial progress by:
Approving $108 million small business loans.
Funding more than 4,000+ small businesses.
Providing more than 1,500 hours of educational webinars and business literacy workshops supporting 6,000 business owners in collaboration with organizations such as Illinois Hispanic Chamber of Commerce, Chicago Urban League, Sunshine Enterprises, and Wisconsin Women's Business Initiative Corporation.
Securing 50+ non-profit Community Development Financial Institutions (CDFI) Fund partnerships to support access to capital, education, and networking opportunities for diverse small business owners.
BMO is working with several organizations to support Asian, LGBTQ+ and Veteran-owned businesses, such as Southeast Asian Community Center (SEACC) in San Francisco, Pacific Asian Consortium in Employment (PACE) in Los Angeles, Asian Pacific Islander Small Business Collaborative (API SBC) in Los Angeles, Asian American Chamber of Commerce of Illinois, National LGBT Chamber of Commerce (NGLCC), and D'Aniello Institute for Veterans and Military Families (IVMF).
Partner quotes:
"We are pleased to be selected as a key partner for BMO in Northern California on this pioneering effort to address the ongoing barriers to success faced by Asian-owned small businesses," said Diana Vuong, Executive Director at SEACC.
"We are thrilled to be partnering with BMO for its Zero Barriers to Business program," said Kerry Doi, CEO of PACE. "This initiative aligns perfectly with PACE's mission to empower minority-owned and disadvantaged businesses by providing them with the resources they need to thrive. By breaking down financial barriers and fostering inclusive economic opportunities, BMO is making a profound impact on our communities, and we are proud to collaborate with them in this vital work."
"We're excited to be working with BMO to expand access to capital, resources and services for Asian American, Native Hawaiian and Pacific Islander entrepreneurs," said Ron Fong, Executive Director of API SBC. "This represents a great opportunity to build on the success of an existing initiative and reach other underserved communities such as ours, by providing linguistically and culturally competent support."
"As AAPI business owners have traditionally depended on family or community resources to boost their businesses, the pool of institutional resources has not been as available to this designated group. Even within the Minority / Women Owned Business community, there has been a disparity that has not recognized AAPI businesses as capital deficient enterprises.
The Zero Barriers to Business program is a wonderful opportunity to assist AAPI businesses to succeed in a highly competitive entrepreneurial society," said Ernest C. Wong, Board Chair, Asian American Chamber of Commerce of Illinois.
"The inclusion of LGBTQ+, AAPI, and Veteran-owned businesses in BMO's Zero Barriers to Business program is a monumental step forward. By providing essential resources and support, BMO is not only helping these businesses thrive but also contributing to a more inclusive and diverse economic landscape. We are proud to support this initiative and look forward to the positive impact it will have on our communities," said Justin Nelson, Co-Founder & President, NGLCC.
"The IVMF is thrilled to see BMO expand its Zero Barriers to Business program to include Veteran-owned businesses and grateful for the support to the Institute. This commitment to supporting underserved communities is essential to fostering economic growth and opportunity. By providing access to capital, education, and resources, BMO is empowering Veteran entrepreneurs to thrive and contribute to their communities and the D'Aniello Institute is proud to play a part in that journey," said Misty Fox, Director, Entrepreneurship & Small Business, Syracuse University's D'Aniello Institute for Veterans and Military Families.
Background on BMO's
Zero Barriers to Business
program:
Zero Barriers to Business helps business owners in 24 states: Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, Wisconsin and Wyoming (Businesses located in Michigan or Texas must be within 100 miles of a BMO full-service retail branch).1
To learn more about BMO's
Zero Barriers to Business
program, please click here . BMO's Zero Barriers to Business initiative has expanded further into Wisconsin's Indigenous community, including working with women-owned Indigenous businesses to foster financial literacy in the community – see one such example in a BMO customer's Story of Progress here .
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
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