BMO commits $100 million to fund black-owned businesses

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Black business owners and entrepreneurs can receive loans of up to $250,000 under the program

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The Bank of Montreal said it committed $100 million to fund black-owned businesses.

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Bank of Montreal has set a goal to increase the proportion of Black employees in senior management positions to 3.5% in Canada and 7% in the United States, and to increase the number of interns and of black and Latino entry-level employees to 30% in the United States and ensuring that 40% of its student opportunities in Canada are for black, indigenous or color young people.

“Black entrepreneurs face inequitable access to capital, which hampers their ability to start and grow businesses,” Stanley Julien, head of the bank’s special accounts management unit for Canada, said in a statement. a statement. “We believe the funding and resources from this program will enable Black business owners to expand their businesses and improve their chances of participating in Canada’s economic growth.

Bloomberg.com

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