TORONTO , March 24, 2020 /CNW/ – To face behind Canadian companies, BMO has launched measures to assist Canadian companies experiencing monetary pressures on account of COVID-19.
“We’re the financial institution for enterprise, and meaning standing behind purchasers in each good occasions and difficult ones,” mentioned Erminia (Ernie) Johannson , Group Head, North American Private and Enterprise Banking, BMO Monetary Group. “The monetary challenges which have developed on account of COVID-19 are putting a pressure, particularly, on small companies throughout Canada .”
In help of Canadian companies, BMO is introducing devoted aid measures together with:
- Deferral of fee on small enterprise bank cards and credit score traces
- Fee deferral on the principal of a small enterprise mortgage
- Will increase on small enterprise working traces to assist with short-term working capital. For purchasers requesting a rise on an working line, BMO might advance payroll to assist guarantee consistency with worker pay
- Tailor-made aid packages for different companies, which can embrace fee deferrals on loans, traces of credit score and entry to further working capital
- One-on-one recommendation on enterprise plans and choices to beat any liquidity considerations, for medium-sized companies
Ms. Johannson additional highlighted that BMO is ready to behave shortly based mostly on coverage selections being applied by federal and provincial governments within the response to COVID-19.
“Together with our business friends, we stand prepared to assist implement coverage cures that can enhance liquidity, strengthen resiliency and help Canadian enterprise development,” mentioned Ms. Johannson.
For additional data on aid measures or for help, purchasers are inspired to achieve out to their Relationship Managers. BMO can be advising purchasers to enroll in On-line Banking, Cell Banking, and On-line Banking for Enterprise, as relevant. BMO on-line and digital capabilities are free, straightforward to make use of, and supply full entry 24/7.
For any BMO updates on COVID-19, please go to https://www.bmo.com/covid19
About BMO Monetary Group
Serving clients for 200 years and counting, BMO is a extremely diversified monetary providers supplier – the eighth largest financial institution, by property, in North America. With whole property of $880 billion as of January 31, 2020, and a staff of numerous and extremely engaged workers, BMO gives a broad vary of non-public and industrial banking, wealth administration and funding banking services to greater than 12 million clients and conducts enterprise by way of three working teams: Private and Industrial Banking, BMO Wealth Administration and BMO Capital Markets.
SOURCE BMO Monetary Group
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