- Since October 2018, Business
Xpress has helped more than 4,500 small business owners and saved
them over 67,000 hours
- BMO Business Xpress will be available at BMO.com to provide
added convenience for small businesses in 2020
TORONTO, Oct. 10, 2019 /CNW/ - BMO Business Xpress has
helped thousands of Canadian small businesses obtain capital more
quickly and conveniently, since launching last year. The small
business lending platform has significantly reduced the time it
takes to apply for a loan, from several days to roughly 20
minutes.
"At BMO, we are standing behind the aspirations of small
business owners – they are the people driving the real economy who
make up over 90 per cent of the private-sector workforce in
Canada," said Arun Kumar, Head, Small Business Banking, BMO
Bank of Montreal. "We understand
that time is the most precious commodity for a small business
owner. With BMO Business Xpress, we reimagined how small businesses
get financing and came up with a solution that is tailored to the
segment. We'll continue to look for ways to help."
BMO Business Xpress offers the following:
- Data analytics technology that takes into account the specific
needs, complexities and risks of a small business enterprise –
significantly reducing the approval period for small business
loans.
- Best-in-class automatic adjudication strategies, designed to be
completed by one person in branch, from initial customer
conversations to document generation and signing in under 20
minutes.
- Brings needed speed to the loan process which benefits small
businesses, while also creating capacity for small business bankers
to focus on more complex customer needs.
Mr. Kumar added that it has been encouraging to see the adoption
of the solution amongst Canadian small business owners. Since
January 2019, application volume for
Business Xpress has grown significantly and the number of approved
loans has been steadily climbing month over month. In 2020,
Business Xpress will also be available on BMO.com to provide added
convenience.
As part of the bank's purpose to Boldly Grow the Good in
business and life, BMO is doubling its support for small businesses
and women entrepreneurs. The bank recently launched new small
business-focused products including a credit card and credit line,
adding to the existing portfolio of BMO products to help small
business owners on their journey as they grow and evolve. As well,
BMO has also committed to advancing $3
billion in capital to women-owned businesses across
Canada.
For more on how BMO is supporting Canadian small businesses,
please visit: https://www.bmo.com/main/business/.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in North America. With total assets of
$839 billion as of July 31, 2019, and a team of diverse and highly
engaged employees, BMO provides a broad range of personal and
commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
SOURCE BMO Financial Group