BMO Harris Bank recently announced the launch of the new BMO Women in Business Credit Program. The program is a loan product offered under the Women In Business initiative that began last year. The initiative is part of BMO’s five-year, $5 billion BMO EMpower commitment.
The loan program offers women-owned businesses expanded access to affordable business credit. The National Association of Women Business Owners has identified that access is critical to helping women-owned businesses grow.
“We’re passionate about supporting women-owned businesses and understand the vital role they play in a strong U.S. economy and strong neighborhoods,” said Niamh Kristufek, Head of U.S. Business Banking at BMO Harris Bank. “When we announced our Women in Business program last year, the goal was to provide women entrepreneurs with financial resources and meaningful networking opportunities to help them grow their businesses. The BMO Women in Business Credit Program will directly fuel the progress of women-owned businesses and create more opportunities for all small businesses to thrive.”
To be 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 percent owned or controlled by individuals that self-identify as women.
Features of the BMO Women in Business Credit Program
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. This 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 will be available to women business owners. These will help their business make real financial progress.
- Access to Partnerships: BMO is continually forming new partnerships with organizations and sharing those connections with customers. The goal is to give business owners access to meaningful networks, additional coaching/educational resources and alternative funding sources.
The program also includes the BMO Celebrating Women Grant Program, which directly supports and elevates women-owned businesses in BMO’s communities. The program was announced for women-owned businesses across America in July in collaboration with Deloitte. In November, the bank will award eight grants of $10,000 each to U.S. women-owned businesses. These businesses must be creating positive social, environmental and/or economic change for their customers, communities or employees through their organization’s policies, practices or products. The deadline to apply for the program closed on August 13, 2021.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank’s commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group. The Group is a highly diversified financial services provider with total assets of CDN$971 billion as of July 31, 2021.
Check out these 7 grants and money resources for female entrepreneurs!