TORONTO, April 1, 2021 /CNW/ - To help Canadian businesses compete on a global scale, BMO Business Banking clients can now take advantage of the Trade Expansion Lending Program (TELP). The program is offered in collaboration with Export Development Canada (EDC).
The Trade Expansion Lending Program is designed to help export-oriented, small and medium-sized businesses more quickly access working capital to expand outside of Canada. Eligible companies include those that sell goods or services outside of Canada, supply Canadian buyers who export those goods or services, or have a signed international contract. With the TELP, eligible companies can receive up to $3 million in financing.
"Businesses today are competing on a global scale, and we're here to help give them every advantage," said Mike Bonner, Head, Canadian Business Banking, BMO Bank of Montreal. "With this program out, clients now have an opportunity to tap into financing to help them expand and grow in international markets. When we help Canadian businesses achieve success internationally, we help strengthen the whole economy."
"TELP provides Canadian companies with fast and easy access to the working capital they need to grow their business internationally, which is more important than ever," explained Robert Fosco, Vice-President, Partner Channels, Export Development Canada. "Trade is an integral part of the growth equation for Canadian companies, and this financing solution can fuel that growth. We're really excited about this new expansion of our partnership with BMO and its clients. Because ultimately, the stronger that bond, the better we can help Canadian businesses go where they need to grow."
Clients are encouraged to reach out to their BMO account manager to understand how TELP may benefit their business.
As Canada's bank for business, BMO is committed to supporting small businesses. The bank recently introduced a new, dedicated business banking team to help ensure that small and emerging businesses in Canada have the support and resources needed for long-term growth. BMO also committed to doubling small business lending in Canada to $10 billion by 2025. As well, the bank is increasing its support of women entrepreneurs. As part of the initiative, BMO has earmarked $3 billion in capital for women entrepreneurs and committed $1.2 million to SheEO to help the not-for-profit fund twice as many ventures working to achieve the United Nations Sustainable Development Goals. The bank has also pledged $100,000 in grants to women-owned businesses to help them better position themselves coming out of the pandemic.
To learn more about how BMO is supporting emerging and small businesses, 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 $973 billion as of January 31, 2021, 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.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC's domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically. For more information and to learn how EDC can help visit www.edc.ca.
SOURCE BMO Financial Group