TORONTO, Dec. 4, 2020 /CNW/ - BMO is helping its small and medium business clients manage the uncertainty of the pandemic by accepting applications for the expanded Canada Emergency Business Account (CEBA) directly from the bank's COVID-19 business support page.
Through this expanded program, eligible businesses can apply for an additional interest free loan of $20,000. The new loan can be used in addition to the previously announced $40,000 CEBA loan. Half of this new additional financing would be forgivable if repaid by December 31, 2022. For clients looking to apply, the application deadline for CEBA has been extended to March 31, 2021. For additional details on CEBA requirements, clients are encouraged to visit: https://ceba-cuec.ca/.
"We have been unwavering in our support of Canadian small businesses," said Mike Bonner, Head, Canadian Business Banking, BMO Bank of Montreal. "The expanded CEBA program provides smaller businesses with needed relief – especially for those that are not able to open their doors right now. This pandemic is a challenge we continue to face together, and our clients have our full support."
Canada's Bank for Business
BMO continues to support Canadian businesses financially affected by COVID with:
- BDC Co-Lending Program for Small and Medium Businesses
- EDC Loan Guarantee for Small and Medium-Sized Enterprises
- Canada Emergency Wage Subsidy
- Small business resource hub with specialized content and resources to help businesses navigate COVID-19 and better position themselves for future growth
In addition to supporting via government relief programs, the bank has also recently introduced a new, dedicated business banking team. The team is structured to ensure that small and emerging businesses in Canada have the support and resources needed for long-term growth.
Business banking clients are encouraged to visit BMO's dedicated COVID-19 small business support page for regular updates and to learn more about relief measures.
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 $949 billion as of October 31, 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