BC Business
BMO business lending | BCBusinessBank of Montreal has announced it will make more credit available for businesses to the tune of $10 billion.
In an effort to increase small- to mid-sized business lending, Bank of Montreal upped its portfolio almost 10 per cent. Although Canada’s economy will see lower-than-predicted growth over the next year, the country’s fourth-largest bank is making significantly more credit available to businesses.
Although Canada’s economy will see lower-than-predicted growth over the next year, the country’s fourth-largest bank is making significantly more credit available to businesses. Over the next three years, Bank of Montreal will hike its amount for business lending by $10 billion. The move is meant to be a boon for small- and mid-sized businesses, which ensures enough credit will be available for the foreseeable future at record-low interest rates. This is also good news for workers looking to start their own businesses. CIBC recently released a report pointing to the significant increase in self-employment, especially in B.C. According to the report, self-employment increased two per cent in B.C. last year. This was double the increase in paid employment during the same period.