The Bank Of Montreal (BMO) has announced it will commit $78 million in financing to Black-owned businesses through a program called Business Within Reach.
According to a BMO release, under the program, Black business owners and entrepreneurs can receive loans of up $196,000. The bank is also partnering with the Black Opportunity Fund to provide financial education in planning, management, and marketing.
“Every business owner deserves access to the financial support they need for their business to make real financial progress, now and in the future,” Mike Bonner, Head, Canadian Business Banking, BMO Bank of Montreal, said in the release.
“Business Within Reach: BMO for Black Entrepreneurs increases access to capital and networks that break down barriers to inclusion. We are proud to be a catalyst for an inclusive recovery from a pandemic that has hit minority-owned businesses particularly hard.”
According to Bloomberg News, BMO