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BMO Looks to Ease Stress on Business Clients with New COVID-19 Relief Program

April 20, 2020, 08:00 AM
Filed Under: Industry News
Related: BMO, COVID-19

BMO business clients can apply for financial relief measures offered jointly with Export Development Canada (EDC), as part of the Government of Canada's Business Credit Availability Program. To apply for the EDC relief program, business clients must reach out to their BMO Relationship Manager.

"We have been working closely with our business clients to help them through this period of economic hardship, offering advice and tailored support to address their need for liquidity and relief," said Christine Cooper, Co-Head, Canadian Commercial Banking, BMO Financial Group. "In working with EDC to launch this new program, we can offer additional relief measures to help impacted businesses access capital quickly and efficiently. We remain committed to our customers and will continue to stand by them," said Nadim Hirji, Co-Head, Canadian Commercial Banking, BMO Financial Group.

The EDC program offers eligible businesses new operating lines of credit or term loans of up to $6.25 million, with 80% guaranteed by EDC. Repayment schedules will be determined on a case-by-case basis. Business clients are encouraged to reach out to their BMO Relationship Manager to understand how this and other relief measures may help their business.

"The EDC relief program complements the existing relief measures that we have introduced in support of Canadian businesses and will help them obtain needed financing during this period of uncertainty," said Andrew Irvine, Head, Canadian Business Banking, BMO Financial Group.

In addition to the EDC program, BMO continues to work with both government and industry to bring to market the Business Development Bank of Canada (BDC) Business Credit Availability Program (BCAP) to further support business clients. BMO anticipates announcing the availability of the BDC BCAP shortly.

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