BMO announces $5 million commitment to advance homeownership and grow small businesses
BMO continues to deliver on EMpower 2.0, our more than $40 billion Community Benefits Plan, announcing today a $5 million commitment to support strategic partnerships with community organizations throughout the bank’s U.S. footprint. To help support local communities, these grants will be directed toward housing counseling agencies, CDFIs and other non-profits that support affordable homeownership and small businesses.
$3 million to advance homeownership:
A $3 million commitment over two years will help address the racial wealth gap and advance homeownership for low income and minority communities. Grants will strategically support non-profit organizations, housing agencies and trusted community organizations to increase minority homeownership, drive the development of affordable housing and help families achieve financial progress.
As part of the $3 million commitment, BMO is developing strategic partnerships with more than 60 organizations across the bank’s U.S. footprint including national organizations such as the National Association of Real Estate Brokers (NAREB), the premier network of Black real estate professionals, along with the National Association of Hispanic Real Estate Professionals (NAHREP) and the Asian Real Estate Association of America (AREAA), supporting minority homeownership within the Hispanic and Asian communities, respectively.
“Our partnership with BMO seeks to create homeownership opportunities for young adults that establish a solid understanding and promotion of financial growth as they begin their adult lives,” said Courtney Jones, third Vice President, NAREB.
Key partners also include local affiliates from the National Urban League as well as numerous local, non-profit and community partners to help increase minority homeownership and close the racial wealth gap.
“We’re dedicated to economic empowerment that elevates the standard of living for underserved communities and we share this vision with BMO,” said Marc H. Morial, President and CEO, National Urban League. “Bringing access to these communities to achieve homeownership promotes long term financial success and the opportunity to build wealth for future generations.”
Funds will be distributed throughout BMO’s expanded footprint including Chicago, Denver, Indianapolis, Los Angeles, Milwaukee, Minneapolis, Phoenix and San Francisco but are available in all the markets we serve.
$2 million to grow small businesses:
A $2 million commitment over two years will help fuel growth for small businesses by providing better access to capital, education and partnerships. Our goal is to equip business owners with the necessary tools to make their businesses more resilient and scalable.
- Provide business owners with meaningful networks, additional coaching and alternative funding sources
- Increase business owner access to capital through expanded credit criteria and competitive interest rates for credit up to $50,000
- Help business owners increase their financial and business knowledge with practical tools, templates, webinars and coaching
BMO is committed to offering comprehensive business programs specifically designed for Women, Black, Latinx and Native American-owned businesses across the U.S. In fact, our BMO for Black and Latinx Small Business Banking program will be available for customers in our expanded footprint later this year. Partnering with these organizations will help further our progress in breaking down barriers to increase access to capital and help drive a more inclusive economic recovery for minority businesses, communities and families.
This $5 million commitment reinforces BMO’s focus on increasing home ownership and supporting the growth of small businesses in low-to-moderate income neighborhoods and communities of color.