TORONTO, June 19, 2020 /CNW/ - In support of larger organizations, BMO announced that clients can now apply for Business Development Bank of Canada's (BDC) Mid-Market Financing Program available under the Business Credit Availability Program (BCAP).
"Canada's largest companies are major drivers of our economy but, much like other businesses, face cash flow challenges as a result of the prolonged nature of COVID-19," said Nadim Hirji, Co-Head, Canadian Commercial Banking, BMO Financial Group.
"Alongside existing relief measures, the expanded BDC BCAP for mid-market companies will provide additional options to help companies facing economic hardship. We are committed to standing by our clients – of every size, sector, and region of the country – working together to support them through this challenge," said Christine Cooper, Co-Head, Canadian Commercial Banking, BMO Financial Group.
The BDC Mid-Market Financing Program will provide junior loans that will range in size between $12.5 million and $60 million, 90 per cent of which will be funded by BDC. Qualifying companies are expected to have annual revenues in excess of approximately $100 million.
The mid-market BDC BCAP program builds on the existing BDC BCAP measures. The BDC Co-Lending program offers eligible BMO business clients term loans up to $12.5 million, 80 per cent of which would be provided through BDC.
BMO is encouraging clients to reach out to their Relationship Manager to discuss how relief measures can support their individual needs.
BMO continues to work with both government and industry to bring to market Export Development Canada's mid-market financing program. Availability of the program is expected to be announced shortly.
Commercial banking clients can stay updated with BMO on COVID-19 and find the latest insights from experts on the bank's commercial relief page.
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 $987 billion as of April 30, 2020, 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