TORONTO, ONTARIO--(Marketwired - March 6, 2014) - BMO Bank of Montreal announced today it is offering a financial relief program to assist commercial customers in British Columbia, Alberta, Saskatchewan and Manitoba affected by a grain handling backlog amid severe winter weather.
"We want to provide immediate support to any grain producers and other related businesses that may be experiencing cash flow disruptions as a result of the backlog, which can hamper their ability to finance crop expenses for the up-coming season," said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "We stand by our customers in good times and bad times and hope this program will help to alleviate some challenges."
The program includes:
- Deferral of loan payments
- Waiver of a new loan application and concessions on renewal fees
- Flexible terms on existing and new lines of credit for 2014 are being developed on a case-by-case basis
For further information, customers are encouraged to visit a local BMO branch, or call 1-877 CALL BMO (225-5266), or visit www.bmo.com. For information on branch locations in your area, please visit the BMO Branch Locator.
About BMO and Agriculture
BMO's roots in the Canadian agricultural sector date back to 1817, when the Bank first began working with farmers to support and expand the agricultural industry, which has become a key driver of Canada's economy. Today, BMO provides customized loan, deposit, cash management and card payment solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves.
About BMO Financial Group
Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America with total assets of $593 billion and approximately 45,500 employees as at January 31, 2014. BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers.