October 13, 2022
On Tuesday, Oct. 11, PRNewswire reported that BMO Harris Bank launched BMO for Native-owned Businesses as part of its five-year, $5 billion BMO EMpower initiative aimed at supporting an inclusive economic recovery for minority businesses, communities and families through lending, investing, giving and engagement in local communities.
The program offers greater access to working capital, meaningful networking opportunities, educational tools and resources to start up, scale and grow. Included is the bank’s new specialized credit-lending product that provides expanded credit criteria and competitive interest rates for customers.
Native CDFI Network (NCN), an organization that helps Native American Communities thrive and grow by increasing their access to capital and financial services, is partnering with BMO to launch the program. The partnership will expand funding and resources to Native American Communities across BMO’s footprint.
“At the heart of Native CDFI Network’s (NCN) work is economic justice for Native people through access to capital and basic financial services. This newly formed partnership between NCN and BMO will more directly connect small business owners with Native CDFIs and, in turn, strengthen financial inclusion of Native people,” said Pete Upton, Interim CEO, Native CDFI Network. “NCN looks forward to launching and – over time – expanding this partnership to grow NCN’s ability to provide technical assistance to its Native CDFI members.”
Through the program, Native American business owners and entrepreneurs can receive loans of up to $50,000. These loans can be used for capital investments such as equipment, inventory, payroll and lease payments – and short-term receivable financing.
To be eligible for the lending program, 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 who self-identify as Native American.
“With the launch of BMO for Native-owned Businesses, we are breaking down historical financial barriers to create a more inclusive business environment. Every business owner deserves access to funding that helps their business grow and make real financial progress,” said Niamh Kristufek, Head, U.S. Business Banking, BMO. “Many underserved and marginalized communities struggle to access capital and we’re proud that BMO’s new program will create more economic opportunities for Native American-owned businesses.”
BMO says on their website that their lending program is available for those within BMO branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri or Wisconsin.
You can read the full article and learn more about the program here.
Source: BMO Financial Group “BMO Expands Minority Small Business Lending with Launch of U.S. Native-owned Business Program.” PR Newswire. Oct. 11, 2022.
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