BMO expands Zero Barriers to Business Programs to support Asian, LGBTQ+ and Veteran-owned businesses

Running a small business can be challenging – and members of historically underserved groups face additional barriers to success. That’s why BMO is expanding our Zero Barriers to Business programs to include Asian, LGBTQ+ and Veteran-owned businesses as part of BMO Empower 2.0, the bank’s more than $40 billion community benefits plan.

Building on our widely recognized BMO for Black, Hispanic/Latino, Native and Women-owned programs, Zero Barriers to Business helps break down barriers for historically underserved groups through inclusive banking products, services and resources.

“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. 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.”

– Niamh Kristufek
Head, U.S. Business Banking

Zero Barriers to Business supports business owners in 24 states* with:

💸 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 continually forms new partnerships with organizations that give business owners access to meaningful networks, additional coaching, educational resources and alternative funding sources.

Partnering to break down barriers

BMO is working with several organizations to support Asian, LGBTQ+ and Veteran-owned businesses, including:

• 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)
• D’Aniello Institute for Veterans and Military Families (IVMF)

We’re just getting started

Since launching this program in 2020, BMO has helped minority- and women-owned small businesses make real financial progress by:

• Approving $108 million in small business loans
• Funding 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.

Learn more about how Zero Barriers to Business is helping small businesses make real financial progress.

*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

1. For businesses with annual revenues of $10 million or less and total combined credit exposure at BMO of $50,000 or less, that are at least 51% owned and controlled by individuals that self-identify as Asian, Black or African American, Hispanic or Latino, LGBTQ+ (defined as Lesbian, Gay, Bisexual, Transgender, or Queer/Questioning, or individuals that self-identify as members of the LGBTQ+ community), Native American (American Indian, Alaska Native or Native Hawaiian), Veteran (defined as having served in the Army, Navy, Marine Corps, Air Force, Coast Guard, Space Force or National Guard including any member of a reserve component of the foregoing services, and was discharged or released from service under conditions other than dishonorable) or Women. Businesses must (i) provide a Certificate of Good Standing from one of the 50 U.S. states, Washington D.C., or a tribal nation with a legal code for establishing business entities or corporations* and (ii) have a physical business presence (or if no physical location, a mailing address for their headquarters) located in at least one of the following states: AZ, CA, CO, FL, ID, IL, IN, IA, KS, MI**, MN, MO, NE, NV, NM, ND, OK, OR, SD, TX**, UT, WA, WI, or WY. *Sole proprietors and general partnerships may also apply for the program. **Businesses located in Michigan or Texas must be within 100 miles of a BMO full-service retail branch and must apply through a paper application form.

2. Applicants approved for a line of credit must have a BMO business checking account opened before loan closing.

3. Automatic payment from a BMO business checking account is required to be established at loan closing in order to receive the 0.25% rate reduction.