BMO Launches Lending Program for Black Entrepreneurs

BMO Financial Group (TSE: BMO) (NYSE: BMO) has committed C$100 million to the launch of the Business Within Reach: BMO for Black Entrepreneurs lending program.

Creating a More Inclusive Environment for Canadian Businesses

Launched during Black History Month, the program gives business owners greater access to working capital, educational resources, and professional partnerships to help them start, expand and grow their businesses.

Through this program, Black business owners and entrepreneurs can receive loans of up to C$250,000.

These loans can be used for capital investments for equipment and leasehold improvements, working capital, and financing short-term accounts receivable.

Management Commentary

“Every business owner deserves access to the financial support they need for their business to make real financial progress, now and in the future,” said Mike Bonner, Head, Canadian Business Banking, BMO Bank of Montreal.

“Business Within Reach: BMO for Black Entrepreneurs increases access to capital and networks that break down barriers to inclusion. We are proud to be a catalyst for an inclusive recovery from a pandemic that has hit minority-owned businesses particularly hard.”

Wall Street’s Take

Last month, Barclays analyst John Aiken upgraded BMO to Buy from Hold and raised its price target to C$165 (from C$140). This implies 10.5% upside potential.

The rest of the Street is cautiously optimistic on BMO with a Moderate Buy consensus rating based on six Buys and four Holds. The average Bank of Montreal price target of C$157.38 implies 5.4% upside potential from current levels.

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