The Bank of Montreal (BMO) is set to award $150,000 in grants to women-owned businesses as part of its Celebrating Women Grant Program.
BMO is offering one grant of $20,000, four grants of $15,000, and seven grants of $10,000. The grants are being awarded in collaboration with Deloitte.
“Through the BMO Celebrating Women Grant Program, we continue to drive our commitment to close the funding gap and provide meaningful capital to women business owners,” said Christine Cooper, Head Canadian Commercial Banking. “This year, we are recognizing women-owned businesses that are boldly growing their businesses and, in turn, strengthening the Canadian economy. We are proud to offer these grants and remove barriers for women-owned businesses and help those already leading positive change in their communities to grow the good.”
Who can apply?
BMO is inviting Canadian women business owners to apply for one of the grants by sharing their high-level business growth plans. According to BMO, any business growth will be considered, including products/services and new markets.
“Women-owned businesses are a driving force of the Canadian economy, and by providing these entrepreneurs and leaders with access to capital today, we’re ensuring the prosperity of their businesses and our global competitiveness,” said Linda Blair, Chief Experience Officer, Deloitte Canada. “We’re pleased to be working with BMO on this initiative, not only to support women in business, but to inspire others, and we look forward to its positive impact for generations to come.”
Specific requirements for applicants include:
- Applicant must be a resident of Canada and must be of legal age.
- The business must be fifty percent (50%) or more owned and controlled by a woman and/or by an individual who self-identifies as a woman,
- Business is headquartered in Canada, with a minimum of 50% of revenue tied to business sales done in Canada,
- Business is currently active and operating in Canada,
- Business is a for-profit business with annual revenues of fifty thousand Canadian dollars ($50,000) or more, and
- Business has been in operation selling a product or service for a minimum of 2 years as of September 1, 2022.
Besides submitting basic information about the applicants and business, women wishing to apply for the grant must answer a series of short questions about “their growth plans, the challenges the business may encounter, quantifiable growth goals, and how the grant will help achieve their growth objectives.”
Those chosen to go onto the second round will be required to include a short video.
A panel of judges of financial expertise will determine the grant winners.
Applications for the grant opened on Sept. 26 and will close on Oct. 17. To apply for the BMO Celebrating Women Grant Program, click here.