BMO Business Xpress Exceeds $2 Billion in Credit Authorizations: Supporting Businesses through the Pandemic and Delivering Rapid Access to Capital for Entrepreneurs

Small Business Canada

Leading digital onboarding platform has helped more than 33,500 businesses across Canada

TORONTO, Feb. 10, 2022 /CNW/ – BMO’s industry-leading business onboarding platform, BMO Business Xpress, has now extended over $2 billion in lending authorizations to more than 33,500 businesses across the country since launching in October 2018. The intuitive digital banking platform allows customers to access financial support with ease and convenience, saving them time and helping them gain access to capital, faster.

“Small businesses are the backbone of our economy and the key to economic recovery,” said Mike Bonner, Head, Canadian Business Banking, BMO Bank of Montreal. “Through our innovative platforms and programs, we are relentlessly driving simplification, personalization, and speed so that busy entrepreneurs can focus on their customers.”

“BMO is committed to providing innovative solutions and increasing access to capital to help more businesses make real financial progress,” continued Mr. Bonner. “Surpassing $2 billion in credit authorizations with BMO Business Xpress is an incredible milestone and only the beginning of what we can achieve. We’ll continue to build on this momentum and find ways to reimagine financing to save entrepreneurs time and advance their businesses.”

BMO’s investments in digital banking are focused on meeting customers where they are with simple, digital experiences that fulfill their business banking needs. With BMO Business Xpress, what used to take several days now takes just 20 minutes. BMO’s personalized digital services free up time for one-on-one client meetings to focus more on each business owner’s unique financial needs.  Additionally, BMO Business Xpress has recently moved to single system architecture to accelerate capabilities, now supporting business customers in both the U.S. and Canada.

BMO has supported Canadian businesses throughout the pandemic and in their recovery, resulting in over 137,000 CEBA applications putting over $4.6 billion into the hands of entrepreneurs in need of financial relief.

To learn more about how BMO is supporting small businesses, please visit: bmo.com/business.

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 C$988 billion as of October 31, 2021, 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

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