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October 25, 2023
Toronto – Indigenous – Bank of Montreal (BMO) has initiated a bespoke lending program, BMO for Indigenous Entrepreneurs, aimed at propelling Indigenous-owned businesses. This initiative builds on BMO’s enduring support for Indigenous business banking, aligning with their objective to foster economic empowerment within Indigenous communities across Canada.
Bridging the Capital Access Gap
At the heart of this program is the provision of loans up to $150,000, a significant step towards eliminating financial barriers that Indigenous entrepreneurs often face. The funds can be deployed for various capital investments including, but not limited to, equipment acquisition, property and leasehold improvements, inventory, payroll, lease payments, and short-term receivable financing. The program welcomes business owners both on and off reserves, striving to be an inclusive platform for Indigenous entrepreneurs.