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BMO Bank of Montreal's Aboriginal Banking Group Launches Financing Program For On-Reserve Home Renovations  


BMO Bank of Montreal’s Aboriginal Banking Group has launched an innovative home renovation financing alternative for residents of First Nation communities.  The program provides access to personal loans to upgrade owner-occupied, single family homes located on First Nation territory.

The BMO On reserve Home Renovation Program provides personal loans from $5,000 to $25,000 to renovate existing homes to increase energy efficiency or create a healthier environment.  An eligible borrower must be a registered member of a First Nation that has implemented an on-reserve home renovation program with BMO Bank of Montreal.  A unique feature of the BMO Bank of Montreal Home Renovation Program allows members who may not meet usual credit requirements to access financing for minor renovations that is secured by the First Nation.

“For First Nation communities, providing safe and healthy homes is very important to individual and community well-being,” said Ron Jamieson, Senior Vice-President, Aboriginal Banking, BMO Bank of Montreal.  “The BMO On-Reserve Home Renovation Program is a customized financing solution for First Nations to foster standards for sustainable quality homes that can contribute to a stronger, more self-sufficient community for their members.”

The program was launched initially at the Dokis First Nation reserve last month and is now being implemented on other reserves across the country.  Dokis First Nation is a community located on the boundaries that separate the districts of Parry Sound, Sudbury and Nipissing.

“The BMO On-Reserve Home Renovation Program designed for the Dokis First Nation gives members a better opportunity to build completed homes to their satisfaction,” said Chief John Restoule, Dokis First Nation.  “It also increases the value of homes on Dokis First Nation land.  It’s a great opportunity that will allow individuals to have pride in taking ownership of their own home.”

Dokis First Nation also implemented an on-reserve housing loan program with BMO Bank of Montreal.  The BMO On-Reserve Housing Loan Program provides qualified members with access to housing loans for the construction or purchase of an owner-occupied single-family dwelling or for major renovations to an existing home.

To date, three BMO On-Reserve Home Renovation Loan Programs have been created with First Nation communities providing financing for minor renovations up to $400,000.

BMO Bank of Montreal is a member of BMO Financial Group, one of the largest financial services providers in North America.  BMO Financial Group serves clients across Canada and in the United States through its Canadian retail arm, BMO Bank of Montreal, through its Chicago-based Harris Bank, a major U.S. mid-west financial services organization, and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms.