TORONTO, June 15 /CNW/ - BMO congratulated the Business Development Bank
of Canada (BDC) on the announcement today of its Operating Line of Credit
Guarantee. The new guarantee is part of the Business Credit Availability
Program (BCAP), a program that was unveiled in the 2009 federal budget. The
initiative provides $450 million in additional funding to BDC in support of
small and medium-sized enterprises and innovative firms.
The funding will include $100 million to establish the Operating Line of
Credit Guarantee, with lending under the program provided in cooperation with
financial institutions such as BMO Bank of Montreal.
"The recent economic downturn and market volatility is causing financial
constraints for businesses," said Frank Techar, President and CEO, Personal
and Commercial Banking, BMO Financial Group. "We will work closely with BDC
and Export Development Canada to find solutions for eligible business
customers who would otherwise have insufficient access to credit."
"BMO is open for business and our objective to ensure the extension of
credit through this program is incremental to our ongoing support for Canadian
businesses as we look to aggressively grow our market share," added Mr.
For more information and resources: www.bmo.com/bcap
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