Celebrating one year of transforming communities through Empower 2.0

These days, many families and individuals face adversity including financial hardship, social inequality and personal struggles. BMO believes that true empowerment lies in uplifting and strengthening communities – and making a positive impact at the local level.

“As Vice Chair of BMO, I’m proud to work for a bank that prioritizes making a difference in our communities, boldly growing the good, and making progress toward a thriving economy, sustainable future and an inclusive society.” 

~Eric Smith
Vice Chair, BMO

One example BMO putting our Purpose into action is Empower 2.0. This $40 billion+, five-year commitment to break down barriers faced by underserved communities, businesses and families in the United States is an expansion of our original $5 billion commitment made in 2020 – and enables us to help more families and businesses make real financial progress.  

Empower 2.0 activities are breaking down barriers and reducing disparities in financial literacy, homeownership and access to capital to create a more equitable society. With the engagement of our team members and community partners, we’re making an impact at a local level across our footprint. Through our renewed commitment, we have allocated: 

March marked the first year of Empower 2.0, delivering $6.7 billion of our goal – with plans to accelerate our impact from there. Here are a few examples of investments to date: 

Additionally, through our annual employee giving campaign, BMO employees generously donated $12.4 million in 2024 to support organizations and causes they care about.

These are impressive numbers – but Empower extends beyond financial contributions. Building meaningful connections with community partners and leaders is crucial as BMO expands into new U.S. markets. Over the past several months, BMO leadership have hosted community receptions in new and legacy markets including Chicago, Milwaukee, Los Angeles, San Francisco and Denver, engaging with local leaders and learning more about how BMO can continue making a difference in the communities we serve. 

In April, we convened our inaugural Community Advisory Council — a diverse group of leaders whose unique perspectives and deep local connections help BMO better understand the needs and concerns of communities, so we can take proactive steps that drive progress where it’s needed most.

In June, BMO’s Darrel Hackett and Eric Smith attended a Los Angeles reception hosted by Mayor Karen Bass and the Bakewell family at the L.A. Sentinel office, where they connected with local civic and community leaders and shared with them BMO’s commitment to LA’s economic development. 

We also held our fourth annual BMO Empower Luncheon in Milwaukee, bringing together clients and community partners to celebrate this year’s 11 women-owned small business EMpower Grant Winners. During the event, the City of Milwaukee recognized our commitment to empowering minority businesses and communities by officially declaring June 20 to be BMO Empower Day!

We’re proud of the progress and impact we’ve made through Empower 2.0 so far – but there is more work ahead. By keeping up the momentum, building strong partnerships and continuing to make our Purpose a top priority, BMO will help create a more resilient and inclusive future – for all.