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BMO: Canadian entrepreneurs want straight-forward advice from banks

TORONTO, October 8, 2009 – Lacking the clear advice they need from their banks to help them navigate complex banking product options, Canadian entrepreneurs are missing out on productivity-enhancing banking services.
That fact was recently confirmed by Canadian Bankers Association survey of Small and Medium-Sized Business owners that showed:

only half use payments facilitation and credit products
just 35 per cent use cash management services
a handful - 15 per cent benefit from payroll services.

Focus groups run by BMO Bank of Montreal showed that Canadian entrepreneurs want their bank to step up and offer the advice and expertise to guide them through the complex question: “What are the best banking options so I can choose what's right for my business?”

BMO Bank of Montreal has just launched BMO Business Essentials – three banking solutions specially designed to take the complexity out of banking decisions, by offering clear and customizable choices to three key business segments:

BMO Retail Essentials for new business Start-Ups and small business owners in the Sales and Service industries
BMO Professional Essentials for owners of professional firms with more demanding cash flow needs and growing transaction processing requirements
BMO e-Smart Essentials for Mid Market business owners who want to save on capital and labour expenses by handling transactions online.

“Business owners told us they want to focus on their business, not on the ins and outs of banking,” said Gail Cocker, Senior Vice-President, Commercial Banking, BMO Bank of Montreal. “BMO Business Essentials is the short list, not a ‘laundry list' of product and service options,” said Ms. Cocker. “It is designed to help our customers make more informed decisions to improve their business.”

To help Canadian small and medium-sized businesses emerging from the recession, BMO has sweetened the deal offering six months of free banking for customers who choose a Business Banking Plan and at least two other products from BMO Business Essentials. The deal offers businesses from start-ups to Medium-sized businesses savings from $57 to $810.

“Now more than ever, small business owners need a good banker – someone who listens, understands their unique needs and can advise them on the best solutions for their business. BMO Business Essentials delivers clarity, choice, meaningful rewards and one-stop banking for all their business needs,” said Ms. Cocker. “We're inviting all entrepreneurs who are looking for something more from their bank to come to BMO.”

You can learn more about BMO Business Essentials on BMO Bank of Montreal's website at: www.bmo.com/business.

Canadian entrepreneurs can find valuable free tips and advice from BMO's award-winning Business Coach podcast series on www.bmo.com/podcast.

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