Bank of Montreal (BMO) has announced a significant commitment of $5 million to strengthen affordable home ownership and promote the growth of small businesses. The funds are part of the bank’s more than $40 billion community benefit plan, BMO EMpower 2.0, which aims to improve the lives of local communities.
The grants will support housing counseling agencies, Community Development Financial Institutions (CDFIs) and other non-profit organizations that help preserve affordable homeownership and provide support to small businesses. The bank will direct approximately $2 million of the funds to the state of California.
Kimberley Goode, Chief Communications and Social Impact Officer at BMO, said: “Investments like these are at the heart of our purpose to boldly grow the good in business and life. These grants will strategically support vital community organizations to increase minority home ownership, drive the development of affordable housing and supporting the growth of small businesses to help the communities we serve achieve real economic progress.”
Under this commitment, $3 million will be dedicated to promoting homeownership over two years, addressing the racial wealth gap, and promoting homeownership in low-income and minority communities. The foundation will partner with more than 60 organizations, including the National Association of Real Estate Brokers (NAREB), the National Association of Hispanic Real Estate Professionals (NAHREP) and the Asian Real Estate Association of America (AREAA), to support minority homeownership.
Courtney Jones, third vice president of NAREB, commented on the partnership: “Our partnership with BMO seeks to create homeownership opportunities for young adults that establish a solid understanding and foster economic growth as they begin their adult lives.”
Local affiliates of the National Urban League and numerous local non-profit and community partners will also be key contributors to this effort to increase minority homeownership and close the racial wealth gap. “Bringing access to these communities to achieve homeownership promotes long-term economic success and the opportunity to build wealth for future generations,” added Marc H. Morial, president and CEO of the National Urban League.
An additional commitment of $2 million over two years will focus on small businesses, providing better access to capital, educational resources and meaningful networking opportunities. This will help make businesses more resilient and scalable with offerings such as expanded credit criteria and competitive interest rates for credit up to $50,000, practical tools, templates, webinars, coaching and alternative funding sources.
In particular, BMO tailors comprehensive business programs to women, Black, Latino and Native-owned businesses in the communities it serves. The bank’s Black and Latinx Small Business Program, designed to give minority business owners better access to capital, educational resources and meaningful networking opportunities, will be available later this year.
The recent $5 million commitment is a testament to BMO’s relentless focus on increasing homeownership and supporting small business growth, particularly in low- to moderate-income neighborhoods and communities of color.
This initiative is not only a milestone for BMO, but also a beacon of hope for minority homeowners and small businesses. It highlights the potential of strategic partnerships and investments to drive financial growth and promote a more inclusive economy.
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Image: Depositphotos
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