BMO launches small business bundle for military community business owners
BMO (Bank of Montreal) launched a Tailored Small Business Bundle on February 16, 2021, as part of its James DeCosmio, Senior Manager, Media Relations BMO to expand support for Canadian military Veterans, retirees, and spouses business owners.
“There are a great deal of Canadian Armed Forces (CAF) members that either find themselves starting or working at small businesses when they transition to civilian life, and military spouses gravitate towards business ownership as well because they are often challenged to find meaningful employment given the continuous cycle of moving,” says James DeCosmio, Senior Manager, Media Relations BMO.
New Banking Program Details
Mike Bonner, Head, Canadian Business Banking, BMO, further explained, “In support, we’ve created a banking program that will keep more money in their pockets while also providing resources to help them navigate uncertain times and grow. This has been an especially challenging time for all main street businesses across the country, but we continue to stand behind them in partnership as we look to help propel them forward.”
With this new bundle, members of the Canadian Defence Community will benefit with the following:
- 50 per cent discount on monthly plan fees on select business chequing accounts,
- lower borrowing costs for small business loans or lines of credit
- a tailored entrepreneurship guide with practical, ready-to-implement advice on business ownership
- preferred pricing with Moneris payment processing to provide customers with payment flexibility
In launching this program, DeCosmio says BMO wanted to introduce a way that would make the path to business ownership and growth easier for members of the defence community.
Program to Cater to Unique Needs Defence Community Business Owners
“Starting a business can be a challenge but, at the same time, an incredible opportunity – you’re taking your destiny into your own hands and being part of a major economic growth engine in the country,” he added.
The idea for the program stemmed from conversations with BMO’s customers and partners in the CAF and Canadian Forces Morale and Welfare Services.
BMO has a long history of supporting the defence community and national defence efforts, dating back to the First World War.
BMO has worked to create tailored programs that fit the unique needs of current and former CAF members and their families. DeCosmio explained that their goal is to help ease the transition between military and civilian life while also helping members of the defence community move the needle on their own financial goals.
Official Bank of the Canadian Defence Community
“The transition from military to civilian life has many challenges, none more so than who to trust with your finances. BMO has excellent personal and now business banking financial options,” Major General (Ret.) David Fraser, Defence and Security Advisor at BMO, commented.
Since 2008, BMO has served as the Official Bank of the Canadian Defence Community. The bank has created a Canadian Defence Community Banking (CDCB) Program; designed to serve the banking needs of regular force personnel, reserves, recruits, military families, veterans, and retirees, as well as the Department of National Defence (DND) and Staff of the Non-Public Funds civilian personnel, the RCMP and the Canadian Coast Guard.
The CDCB Program offers products and services specifically designed to meet the members of the defense community’s needs, such as discounted banking rates and the BMO Support Our Troops Mastercard.
A portion of each transaction made with the BMO Mastercard goes to Support Our Troops, the official charitable cause of the Canadian Armed Forces. It has generated over $641,000 to date.
For more information regarding the Official Bank of the Canadian Defence Community program, the new entrepreneur program, visit here.