TORONTO, June 19, 2020 /CNW/ - In support of larger
organizations, BMO announced that clients can now apply for
Business Development Bank of Canada's (BDC) Mid-Market Financing Program
available under the Business Credit Availability Program
(BCAP).
"Canada's largest companies are
major drivers of our economy but, much like other businesses, face
cash flow challenges as a result of the prolonged nature of
COVID-19," said Nadim Hirji,
Co-Head, Canadian Commercial Banking, BMO Financial Group.
"Alongside existing relief measures, the expanded BDC BCAP for
mid-market companies will provide additional options to help
companies facing economic hardship. We are committed to standing by
our clients – of every size, sector, and region of the country –
working together to support them through this challenge," said
Christine Cooper, Co-Head, Canadian
Commercial Banking, BMO Financial Group.
The BDC Mid-Market Financing Program will provide junior loans
that will range in size between $12.5
million and $60 million, 90
per cent of which will be funded by BDC. Qualifying companies are
expected to have annual revenues in excess of approximately
$100 million.
The mid-market BDC BCAP program builds on the existing BDC BCAP
measures. The BDC Co-Lending program offers eligible BMO business
clients term loans up to $12.5
million, 80 per cent of which would be provided through
BDC.
BMO is encouraging clients to reach out to their Relationship
Manager to discuss how relief measures can support their individual
needs.
BMO continues to work with both government and industry to bring
to market Export Development Canada's mid-market financing program.
Availability of the program is expected to be announced
shortly.
Commercial banking clients can stay updated with BMO on COVID-19
and find the latest insights from experts on the bank's commercial
relief page.
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 $987 billion as
of April 30, 2020, 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