Improves small businesses' ability to compete globally by increasing pool
of available capital for Canadian exporters
TORONTO, Oct. 12 /CNW/ - BMO Bank of Montreal, in partnership with Export
Development Canada (EDC), announced today the launch of a new program that
provides more financing to small and medium-sized exporters across Canada.
The Export Guarantee Program (EGP) is designed to help smaller exporters
compete for larger contracts, with EDC guaranteeing up to 75 per cent of a
loan made by BMO Bank of Montreal. The program supports exporters by helping
to fund the upfront costs associated with export contracts.
"For many of our small business customers, competing on the international
stage can be a costly endeavour," said Gail Cocker, Senior Vice-President,
Commercial Banking, BMO Bank of Montreal. "This program gives our customers a
competitive edge by freeing up a larger portion of their working capital for
general day-to-day operations."
"EDC's Export Guarantee Program will help increase the pool of available
working capital for Canadian exporters, helping the businesses to expand their
global sales," said Kevin O'Brien, EDC Senior Vice-President, Financing
Products Group. "By absorbing a large portion of the risk from BMO, this
program will impact Canadian exports in a meaningful way by offering a wide
range of commercial solutions to a greater number of exporters.
"BMO joins a growing list of EDC partners with master agreements like the
EGP in place, including other financial institutions, provincial agencies and
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly
diversified North American financial services organization. With total assets
of $359 billion as at July 31, 2007, and more than 35,000 employees, BMO
provides a broad range of retail banking, wealth management and investment
banking products and solutions. BMO Financial Group serves clients across
Canada through its Canadian retail arm, BMO Bank of Montreal, and through its
wealth management firms BMO Nesbitt Burns, BMO InvestorLine and BMO Harris
Private Banking. BMO Capital Markets, our North American investment and
corporate banking division, provides a full suite of financial products and
services to our North American and international clients. BMO also serves
personal and commercial clients in the United States through Chicago-based
Harris, an integrated financial services organization that provides more than
one million personal and business clients with banking, lending, investing,
financial planning, trust administration, portfolio management, family office
and wealth transfer services.
About Export Development Canada
EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by 6,400 Canadian
companies and their global customers in up to 200 markets worldwide each year.
EDC is financially self-sustaining and is a recognized leader in financial
reporting and economic analysis, and has been named one of Canada's Top 100
Employers for seven consecutive years.
For further information:
For further information: Media Contacts: BMO Financial Group: Shivani
Ahluwalia, Toronto, firstname.lastname@example.org, (416) 867-3996; Ronald Monet,
Montreal, email@example.com, (514) 877-1873; Laurie Grant, Vancouver,
firstname.lastname@example.org, (604) 665-7596; Export Development Canada: Glen Nichols,
Ottawa, email@example.com, (613) 598-2876