BMO Harris Bank Launches BMO Women in Business Special Purpose Credit Program across its Full Footprint
Today BMO Harris Bank launched the new BMO Women in Business Special Purpose Credit Program, a loan product offered under the Women In Business initiative that began last year as part of BMO’s five-year, $5 billion BMO EMpower commitment. The loan program offers women-owned businesses expanded access to affordable business credit, which the National Association of Women Business Owners has identified as a priority to help women-owned businesses grow.
BMO’s Women in Business program now includes:
- Access to Capital: With specialized funding criteria, women business owners now have better access to working capital with expanded credit criteria and competitive interest rates. Small businesses can qualify for a revolving line of credit that will allow them to only pay interest on what they borrow. Rate discounts may apply when setting up automatic payments from a BMO Harris Business checking account
- Access to Education: Practical tools, templates, webinars and coaching are provided to women business owners to help their business make real financial progress.
- Access to Partnerships: BMO is continually forming new partnerships with organizations and sharing those connections with customers to give business owners access to meaningful networks, additional coaching and educational resources, and alternative funding sources.
Under the BMO Women in Business Special Purpose Credit Program, eligible businesses must have a physical operating location or headquarters in BMO’s retail banking markets, an annual revenue of $10 million or less and be 51% owned or controlled by individuals that self-identify as women.
Also, part of the program is the BMO Celebrating Women Grant Program, which directly supports and elevates women-owned businesses in BMO’s community.This was announced in July in collaboration with Deloitte. Eight grants of $10,000 will be awarded in November to U.S. women-owned businesses creating positive social, environmental and/or economic change for customers, communities or employees through their organization’s policies, practices or products.
Visit Women in Business for more information on BMO’s Women in Business Special Purpose Credit Program.