Skip navigation

BMO Harris Bank Nears $20 Million Milestone for Black and Latinx Small Business Lending Program

January 31, 2022 | Diversity, equity and inclusion, Financial inclusion, Financial inclusion, Purpose

BMO Harris Bank announced today that the BMO for Black and Latinx Small Business Program has topped nearly $20 million in loan authorizations since it first became available last September in all markets where BMO Harris operates branches. Since the inception of the program, more than 2,000 applications from Black and Latinx business owners have been received and approximately 600 applicants have received approval and funding. BMO for Black and LatinX Small Businesses is part of BMO EMpower, a $5 billion commitment over five years that was created to address key barriers faced by underserved businesses, communities, and families in the United States.

“The response to this program has been inspiring,” said Niamh Kristufek, Head of U.S. Business Banking at BMO Harris Bank. “With COVID-19 and inflation continuing to pose barriers that impact Black & Latinx businesses, we know that increasing their access to capital and other resources is critical. We’re committed to offering opportunities for recovery and growth for Black and Latinx small businesses and supporting their endeavors – both through expanded credit considerations and through education and advice.”

BMO for Black and Latinx Businesses provides customers with educational resources and planning tools to help their businesses become more resilient and scalable. The program includes:

  • Access to Capital: Business owners get better access to working capital with expanded credit criteria and competitive interest rates. Small businesses are able to get a revolving line of credit, and/or business credit card that will allow them to 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: Free access to practical tools, templates, webinars, and coaching to help business owners make real financial progress.
  • Access to Partnerships: BMO is continually forming new partnerships with organizations to give business owners access to meaningful networks, additional coaching and educational resources, and alternative funding sources.

“Access to capital provided the company with a gift to shift during the pandemic,” said Marseil Jackson, owner of Dream Team Enterprises and participant in BMO for Black and Latinx Small Businesses. “As a medical supply company, we were able to shift to the distribution of PPE supplies which allowed the company to operate successfully. The BMO for Black and Latinx Business program is what I and other minority businesses needed to help sustain and even grow our business.”

During February and March, Black and LatinX business owners will be able to use “Coach in Your Corner,” a new pilot feature launching on the Black and LatinX and Women in Business webpages. When it debuts, small business owners will be able to connect with a banker for financial guidance on a variety of topics.

For more information on BMO for Black and Latinx Businesses, visit bmoharris.com/blackandlatinx.

Related Insights

Explore our services
Checking Accounts
Savings Accounts
Credit Cards
Loans
Mortgages
Investing & Retirement
Security Center
How We Protect You
How to Protect Yourself
Report Fraud
Security Alerts
Security Learning Center
Security Tips
Ways to Bank
Overview
Digital Banking
Register for Digital Banking
Bank by Phone
Bank at Work Services
Make a One Time Payment for your Non-Real Estate Loan
Payment Assistance for Mortgage and Home Equity
Customer support
Branch locator

Disclosure

Privacy
Legal
Security
Site map
Careers
About Our Ads
Accessibility
Cookie Usage
About BMO

App Store is a service mark of Apple Inc. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 

Android, Google Play, and the Google Play logo are trademarks of Google Inc. 

Banking products and services are subject to bank and credit approval and are provided in the United States by BMO Bank N.A. Member FDIC.

equal housing lender NMLS 401052

Notice to Customers  

To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver's license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. If the requested information is not provided within 30 calendar days, the account will be subject to closure.  

Third party web sites may have privacy and security policies different from BMO. Links to other web sites do not imply the endorsement or approval of such web sites.  

Please review the privacy and security policies of web sites reached through links from BMO web sites. This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is being used to support the promotion or marketing of the planning strategies discussed herein. BMO Bank N.A. and its affiliates do not provide legal or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors.