BMO Supports Women Entrepreneurs in Canada with $5 Billion in Capital
BMO has announced a new $5 billion commitment to support women business owners in Canada to mark International Women’s Day 2022. Through the program, BMO will allocate $5 billion in capital over five years to women entrepreneurs, building on the commitment of $2 billion in 2014 and $3 billion in 2018.
“Our Purpose, to Boldly Grow the Good in business and life, comes to life through initiatives like this that drive progress towards a thriving and inclusive post-pandemic economy,” said Christine Cooper, Head, Canadian Commercial Banking, BMO Financial Group. “We recognize the great impact women business owners have on our communities and we are committed to helping them access the capital they need to grow their businesses, and through them, our economy.”
“This investment from BMO has the potential to make a tremendous difference for women entrepreneurs!” said Hon. Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development. “By advancing gender equality, we know we can add $150 billion to the Canadian economy – and if the world follows suit, $12 trillion to the global economy. This is both the right thing to do, and the smart thing to do for our economy. Our government is committed to supporting women entrepreneurs, and by working together with private sector partners stepping up, we can build a more inclusive future.”
BMO, as a long-time advocate of gender equity, is committed to removing barriers to women’s empowerment, championing the advancement of women, and promoting an inclusive market. BMO’s bold Purpose commitments include increasing support for small businesses and women entrepreneurs.
The BMO for Women program at the bank was established in 2016 and is focused on gender parity for our clients, supporting the growth of women-owned businesses and empowering women to feel confident about their finances and their financial futures.
“Recognizing and fostering extraordinary women is at the heart of BMO for Women,” said Moriah Linton, Head, BMO for Women. “We are committed to removing barriers to women’s financial progress and on International Women’s Day and everyday, this means providing access, tools and resources to support women who are driving change and advancing their communities.”
Across North America, BMO has a long history of programs and partnerships to support women:
- Launched a $750 million Women in Business Bond solution with proceeds allocated toward supporting Canadian women-owned businesses of all sizes as they recover from the economic impact of COVID-19.
- Committed $1.2 million in funding to SheEO – a not-for-profit company which offers financial support to businesses led by women-identifying and non-binary people. BMO’s financial commitment allowed SheEO to fund all 2021 venture applicant companies working to achieve the United Nations Sustainable Development Goals.
- BMO pledged $200,000 in grants to recognize 26 women-owned businesses across North America for their contribution to social, environmental and/or economic sustainability outcomes through their organizations’ policies, practices or products.
- BMOforWomen.com – a dedicated BMO website providing tools and educational resources for women entrepreneurs, including the award-winning podcast series Bold(h)er.
- BMO Women in Business Credit Program, a loan product offered under its Women in Business initiative as part of the BMO EMpower commitment in the U.S. The program offers women-owned businesses expanded access to affordable business credit.
- BMO Harris Bank launched a new BMO Women in Business Credit Program, a loan product offered under its Women in Business initiative as part of the BMO EMpower commitment in the U.S. The program offers women-owned businesses expanded access to affordable business credit.
Learn more about BMO’s commitment to a thriving economy.