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Introducing BMO for Indigenous Entrepreneurs Program

October 24, 2023 | Diversity, equity and inclusion, Financial inclusion

This week, BMO announced the launch of the BMO for Indigenous Entrepreneurs lending program, which provides Indigenous business owners with greater access to working capital, educational resources and professional partnerships to start up, scale up and accelerate their businesses. The program is underpinned by BMO’s longstanding support for Indigenous business banking and the economic empowerment of Indigenous businesses and communities.  

“For more than 30 years, BMO has invested in strengthening relationships with Indigenous business owners across Canada, many of whom successfully balance Indigenous traditions with innovation. The BMO for Indigenous Entrepreneurs program supports the potential of Indigenous entrepreneurs and fosters economic empowerment through eliminating barriers to capital, driving progress toward a more inclusive society, a thriving economy and a sustainable future.” 

– Mike Bonner
Head, Enterprise Indigenous Strategy and Canadian Business Banking, BMO

Zero Barriers to Business  

BMO for Indigenous Entrepreneurs aligns with BMO’s Purpose, to Boldly Grow the Good in business and life, which includes a commitment to double the bank’s support (compared to 2019) for small business and women entrepreneurs. Through the program, Indigenous business owners and entrepreneurs can receive loans of up to $150,000, which can be used for capital investments such as equipment, property and leasehold improvements, short-term receivable financing and working capital – including inventory, payroll, and lease payments. BMO for Indigenous Entrepreneurs is available for business owners on and off reserve.  

BMO engages with Indigenous customers, colleagues and communities across three pillars – education, employment and economic empowerment – built on our platform of Zero Barriers to Inclusion for all. Our commitment to driving progress towards an inclusive society and supporting the socioeconomic progress of Indigenous communities includes: 

  • In September 2023, BMO released Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ (pronounced: wee-chih-hito-win), our third annual Indigenous Partnerships and Progress Report. The publication highlights the bank’s partnerships with, and commitment to, Indigenous communities – with inspiring stories from Indigenous customers, employees and community leaders. 
  • In support of Indigenous businesses, BMO has increased our procurement of goods and services from Indigenous partners – already surpassing our 2022 commitment to spend $10 million annually with Indigenous-owned businesses by 2023. 
  • BMO’s commitment to mobilize $300 billion in sustainable financing by 2025 includes lending to Indigenous businesses and communities in the structuring of the bank’s Sustainable Bond program. 
  • For advancing Indigenous interests and economic development, BMO has received Gold Certification in the Progressive Aboriginal Relations (PAR) program seven consecutive times. The PAR program is administered by the Canadian Council for Aboriginal Business. 

To learn more about the BMO for Indigenous Entrepreneurs program, please visit www.bmo.com/indigenousbusiness  

For more information about BMO’s commitment to supporting Indigenous communities, please visit www.bmo.com/indigenous-commitments  

To learn more about how BMO can help small- and medium-sized enterprises make progress at every stage, please visit www.bmo.com/main/business   

To learn more about the BMO for Native-Owned Businesses program offered in the U.S., please visit: https://www.bmo.com/en-us/main/business-banking/native-owned-businesses/

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