- Since October 2018, Business Xpress has helped more than 4,500 small business owners and saved them over 67,000 hours
- BMO Business Xpress will be available at BMO.com to provide added convenience for small businesses in 2020
TORONTO, Oct. 10, 2019 /CNW/ - BMO Business Xpress has helped thousands of Canadian small businesses obtain capital more quickly and conveniently, since launching last year. The small business lending platform has significantly reduced the time it takes to apply for a loan, from several days to roughly 20 minutes.
"At BMO, we are standing behind the aspirations of small business owners – they are the people driving the real economy who make up over 90 per cent of the private-sector workforce in Canada," said Arun Kumar, Head, Small Business Banking, BMO Bank of Montreal. "We understand that time is the most precious commodity for a small business owner. With BMO Business Xpress, we reimagined how small businesses get financing and came up with a solution that is tailored to the segment. We'll continue to look for ways to help."
BMO Business Xpress offers the following:
- Data analytics technology that takes into account the specific needs, complexities and risks of a small business enterprise – significantly reducing the approval period for small business loans.
- Best-in-class automatic adjudication strategies, designed to be completed by one person in branch, from initial customer conversations to document generation and signing in under 20 minutes.
- Brings needed speed to the loan process which benefits small businesses, while also creating capacity for small business bankers to focus on more complex customer needs.
Mr. Kumar added that it has been encouraging to see the adoption of the solution amongst Canadian small business owners. Since January 2019, application volume for Business Xpress has grown significantly and the number of approved loans has been steadily climbing month over month. In 2020, Business Xpress will also be available on BMO.com to provide added convenience.
As part of the bank's purpose to Boldly Grow the Good in business and life, BMO is doubling its support for small businesses and women entrepreneurs. The bank recently launched new small business-focused products including a credit card and credit line, adding to the existing portfolio of BMO products to help small business owners on their journey as they grow and evolve. As well, BMO has also committed to advancing $3 billion in capital to women-owned businesses across Canada.
For more on how BMO is supporting Canadian small businesses, please visit: https://www.bmo.com/main/business/.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $839 billion as of July 31, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group