BMO Harris launches Black and Latin-owned small business programs
As part of its recently announced five-year, $5 billion BMO EMpower initiative aimed at supporting an inclusive economic recovery, BMO recently announced $300 million for small business lending to expand resources for women, Black and Latinx-owned small businesses. The Black and Latinx Small Business Team will offer new loan products, meaningful networking opportunities, educational content and tools to Black and Latinx small business owners.
This pilot program is available to small businesses in Illinois and northwest Indiana.There is a strong need for expanded access to affordable business credit for minority-owned businesses.
Initial funding through the program will include:
- Better access to business education through practical tools, webinars, coaching and training on starting and growing a business, managing cashflow and uncertainty, and marketing and social media best practices. It aims to demystify the lending process and create awareness of BMO Harris business tools.
- Better access to capital gives Black and Latinx-owned businesses the financial support needed to succeed. Small businesses are able to get a revolving line of credit that will allow them to only pay interest on what they borrow. They will be able to enjoy a 0.25% rate discount when setting up automatic payments from a BMO Harris Business checking account and get improved access to funding with our specialized funding criteria.
- Better access to partnerships with organizations such as Accion Chicago, Chicago Urban League and Illinois Hispanic Chamber of Commerce among others to give clients access to meaningful networks and alternative funding sources.
Through BMO’s direct investment in Black and Latinx communities, many minority business owners who struggle to access capital will have access to increased economic opportunities and networks that help break down barriers to inclusion and drive an inclusive economic recovery.
Visit bmoharris.com/blackandlatinx – our new home for BMO for our Black and Latinx program. This page includes additional tools and resources, including a new lending guide to help uncover how banks make lending decisions.
About BMO EMpower
BMO EMpower is our $5 billion commitment over five years to address key barriers faced by minority businesses, communities and families in the United States. Through lending, investing, giving and engagement in our local communities, we are tackling barriers to inclusion in the financial services industry to create more opportunity for recovery and success.
More information on the BMO EMpower goals, as well as links to how to participate in the minority-owned business programs detailed above, can be found on the BMO EMpower webpage: BMO.com/Empower