BMO Expands Zero Barriers to Business Program to 22 States
young business owner

BMO Expands Zero Barriers to Business Program to 22 States

BMO has expanded one of its programs for minority small business owners.

About the program:

This week, BMO announced that its Zero Barriers to Business program had expanded. The program seeks to provide inclusive banking products to historically underserved groups, including Black, Latino, Native, and Women-owned businesses. Moreover, Zero Barriers to Business is part of the larger MBO EMpower 2.0 initiative.

Originally launched in December 2020 with pilot programs in Illinois and northwest Indiana, today, Zero Barries to Business is available to business owners in 22 states: Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming. The program not only provides entrepreneurs with better access to capital but also offers access to educational materials, as well as partnerships with various groups that can further help businesses network, gain coaching, and more.

In terms of capital access, BMO’s site notes that program participants can get a line of credit for up to $50,000 and earn a 0.25% rate discount when setting up automatic payments from a BMO Business Checking account. Additionally, the bank offers “expanded credit criteria” to help entrepreneurs gain the working capital their businesses need.

According to BMO, the program has seen $80 million in small business loan approvals to date, funding more than 3,400 businesses. Furthermore, the bank states that the program has also provided more than 800 hours of educational workshops/webinars.

In addition to the expansion news, BMO also announced that it had committed $500,000 to support the creation of the Latino Business Loan Program in partnership with the Colorado Enterprise Fund.

What they’re saying:

Regarding the Zero Barriers to Business program and its expansion, BMO’s Head of U.S. Business Banking Niamh Kristufek said, “Helping our clients, colleagues and communities make real financial progress is at the core of our Purpose, to Boldly Grow the Good in business and life. The launch of BMO’s Zero Barriers to Business to our expanded footprint brings us one step closer to a more inclusive society – especially for groups facing systemic barriers – by ensuring our clients have access to capital and financial tools and education.”

Meanwhile, commenting on the Latino Business Loan Program partnership, Colorado Enterprise Fund CEO Ceyl Prinster said, “Colorado Enterprise Fund’s mission has always been to provide access to capital to underserved communities including minority-owned small businesses. With the funding from BMO, CEF will focus even more economic and educational resources toward Latino small business entrepreneurs throughout Colorado.”

My thoughts:

Following a very modest rollout that began nearly three years ago, it’s great to see that the Zero Barriers to Business program has significantly expanded. Of course, while 22 states is a strong start, hopefully it won’t be long before that list grows even longer. In the meantime, interested small business owners can find more info on BMO’s site.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

One Key credit cards and a woman on a boat

Wells Fargo Offering Enhanced Bonuses for One Key Cards

Wells Fargo has unveiled limited-time welcome offers for both of its One Key co-branded credit cards. About the bonuses: Those who have had their eyes on One Key's rewards credit card options may want to take advantage of the increased bonuses that are available now. Currently, new One Key cardholders can earn $400 in OneKeyCash after spending $1,000 in purchases on the card within their first three months. Meanwhile, those...
American Express Member Week March 17-21

American Express Announces March Member Week Celebration

In celebration of its 175th anniversary, American Express has announced that it will be hosting Member Week next month. About Amex Members Week: Amex is bringing back Members Week for 2025 — this time launching the affair in March as opposed to the traditional fall timeframe. This latest event also marks the first time the company has celebrated it since the 2023 edition. 2025's American Express Member Week will be...
Gasbuddy+ Mastercard

GasBuddy Introduces Pay with GasBuddy+ MasterCard Debit Card

The popular app GasBuddy is rolling out a new and improved version of its gas rewards debit card. About Pay with GasBuddy+: GasBuddy has announced the launch of the Pay with GasBuddy+ card. This debit card builds upon the previous Pay with GasBuddy card with some new features. Most notably, in contrast to the original card which could only be used at gas stations, the new product allows for purchases...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox
Travelers with two Best Western Credit Cards

Best Western Debuts Two New Rewards Credit Cards

After pausing applications for their previous rewards card, the hotel chain Best Western has unveiled a new pair of rewards credit cards with a new issuer. About the Best Western cards: Best Western is partnering with First Bank & Trust and Mercury Financial to introduce two new co-branded credit cards. First up is the no-annual-fee Best Western Rewards Visa Signature Card. With this card, customers can 4x points on Best...
Marriott Bonvoy card and a woman on vacation

Marriott Bonvoy Bold Card Launches Travel Contest

Chase and Marriott Bonoy have unveiled a special contest while continuing to offer its best-ever welcome bonus. About the welcome bonus and Bold Chat Court Contest: Marriott Bonvoy and Chase have launched a special opportunity called the Bold Chat Court contest. As part of this contest, 10 lucky travelers will be awarded 500,000 Marriott Bonvoy points (for a total of 5 million) as well as $5,000. For this contest, the...
Bilt and All Reward logos

Bilt Adds 2 New Transfer Partners Including First 3:2 Transfer Rate

Bilt is once again expanding its travel transfer rewards program — and is even breaking the mold with one new partner. About the new additions to Bilt: This week, Bilt launched partnerships with two more travel brands: TAP Air Portugal and Accor. As a result, Bilt members will now be able to transfer their points to Miles&Go and ALL Reward, respectively. In total, Bilt now has 18 transfer partners including 13...
Fioney Top 10 Must-Read Personal Finance Articles Septemeber 2024

Top 10 Personal Finance Articles of the Month — September 2024

Welcome to Fioney's look at the top 10 personal finance articles of the month. On the first Friday of each new month, we look back at some of our favorite posts published in the weeks prior and highlight them right here. This includes a mix of sites that have become staples of our lists as well as many first-timers. To start things off this month, we'll look at some articles...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...