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BMO Announces Dedicated Financial Relief for Canadian Businesses Affected by COVID-19

March 26, 2020, 09:10 AM
Filed Under: Industry News
Related: BMO, COVID-19

BMO has introduced measures to help Canadian businesses experiencing financial pressures as a result of COVID-19.

"We are the bank for business, and that means standing behind clients in both good times and challenging ones," said Erminia (Ernie) Johannson, Group Head, North American Personal and Business Banking, BMO Financial Group. "The financial challenges that have developed as a result of COVID-19 are placing a strain, especially, on small businesses across Canada."

In support of Canadian businesses, BMO is introducing dedicated relief measures including:

  • Deferral of payment on small business credit cards and credit lines
  • Payment deferral on the principal of a small business loan
  • Increases on small business operating lines to help with short-term working capital. For clients requesting an increase on an operating line, BMO may advance payroll to help ensure consistency with employee pay
  • Tailored relief programs for other businesses, which may include payment deferrals on loans, lines of credit and access to additional working capital
  • One-on-one advice on business plans and options to overcome any liquidity concerns, for medium-sized businesses

Ms. Johannson further highlighted that BMO is prepared to act quickly based on policy decisions being implemented by federal and provincial governments in the response to COVID-19.

"Along with our industry peers, we stand ready to help implement policy remedies that will improve liquidity, strengthen resiliency and support Canadian business growth," said Ms. Johannson.

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