News Releases

BMO Supports Federal Government Initiative to Help Canadian Businesses During Uncertain Economic Times

TORONTO, June 15, 2009 – BMO congratulated the Business Development Bank of Canada (BDC) on the announcement today of its Operating Line of Credit Guarantee. The new guarantee is part of the Business Credit Availability Program (BCAP), a program that was unveiled in the 2009 federal budget. The initiative provides $450 million in additional funding to BDC in support of small and medium-sized enterprises and innovative firms.

The funding will include $100 million to establish the Operating Line of Credit Guarantee, with lending under the program provided in cooperation with financial institutions such as BMO Bank of Montreal.

“The recent economic downturn and market volatility is causing financial constraints for businesses,” said Frank Techar, President and CEO, Personal and Commercial Banking, BMO Financial Group. “We will work closely with BDC and Export Development Canada to find solutions for eligible business customers who would otherwise have insufficient access to credit.”

“BMO is open for business and our objective to ensure the extension of credit through this program is incremental to our ongoing support for Canadian businesses as we look to aggressively grow our market share," added Mr. Techar.

For more information and resources: www.bmo.com/bcap

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