BMO pledges to invest $3bn in women-owned businesses

Bank of Montreal has continued its ongoing campaign for equal opportunity in the financial sector, pledging a further $3bn in capital for investment in women-owned businesses across Canada over the next three years.

“BMO is deeply committed to helping women entrepreneurs grow their businesses and strengthen their communities with capital, other financial products and advisory services which will ultimately support these leaders in creating new jobs and opportunities,” said Dev Srinivasan, Senior Vice President and Head, Canadian Business Banking, BMO Bank of Montreal.

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The latest commitment follows on from a similar announcement made in 2014 that saw BMO invest $2bn in women-owned firms over the course of four years.

Further, the company also recently partnered with both Carleton University and The Beacon Agency on compiling its Everywhere, Ever Day Innovating: Women Enterpreneurs & Innovation report.

The report revealed that access to capital and credit is a significant issue holding back the launch, development and growth of women-owned businesses.

The latest pledge will aim to address this problem, whilst BMO previously also became the first Canadian bank to launch a mutual investment fund focused on gender diversity - the Women in Leadership Mutual fund.

“We are proud to go beyond solely providing banking services to female business owners by investing in research, creating innovative educational platforms and sponsoring business-related conferences and seminars with a focus on Canada's women entrepreneurs,” Srinivasan continued.