Bank / Credit Union

BMO expands ‘Zero Barriers to Business’ programs for Asian, LGBTQ+, veterans

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September 11, 2024

BMO Financial Group expanded its Zero Barriers to Business programs for Asian, LGTQ+ and veteran-owned businesses. These programs offer access to working capital, education and partnerships to help build businesses, according to a press release.

Since the program first launched in 2020 for Black, Hispanic, Native and women-owned businesses, it approved $108 million in loans funding more than 4,000 small businesses and offered more than 1,500 hours of educational programs. It also partnered with more than 50 non-profit community development financial institutions funds.

"Empowering our customers, colleagues and the communities we serve to make real financial progress is central to BMO's purpose, to Boldly Grow the Good in business and life," Niamh Kristufek, head, U.S. Business Banking, BMO, said in the release. "The launch of BMO's Zero Barriers to Business for Asian, LGBTQ+ and Veteran-owned businesses is a significant step toward a more inclusive society. By supporting business owners that have long faced systemic barriers to growing their business, we ensure they have access to the capital, financial tools, and education they need to thrive."

"We are thrilled to be partnering with BMO for its Zero Barriers to Business program," Kerry Doi, CEO of PACE, said in the release. "This initiative aligns perfectly with PACE's mission to empower minority-owned and disadvantaged businesses by providing them with the resources they need to thrive. By breaking down financial barriers and fostering inclusive economic opportunities, BMO is making a profound impact on our communities, and we are proud to collaborate with them in this vital work."