BMO Harris Bank

BMO Harris Bank

January 22, 2015 07:00 ET

BMO Harris Bank to Boost Credit to Minnesota Business Owners by up to $3 Billion

MINNEAPOLIS-ST. PAUL, MINNESOTA--(Marketwired - Jan. 22, 2015) - BMO Harris Bank is making an additional $3 billion in credit available to business owners in Minnesota over the next three years.

"We're here to help, making more of our balance sheet available - with greater focus on entrepreneurs, women and minority business owners - so they have more certainty of credit to grow and create new jobs," said Todd Senger, Minnesota Market President, BMO Harris Bank.

"The majority of Minnesota business owners have told us they have confidence in the economy, with nearly 60 percent expecting their business will grow in 2015," added Senger.

"The Minnesota economy continues to grow at a firm pace, thanks in part to a solid labor market performance," said Michael Gregory, Head of U.S. Economics, BMO Capital Markets. "Real GDP is expected to have grown 2.7 percent in 2014 - a shade higher than the national average - and should pick up to 2.8 percent this year. Nonfarm payrolls are at the highest level on record, helping pull the jobless rate below 4 percent for the first time since 2006 - now one of the lowest in America."

Gregory noted that improved business confidence should maintain solid growth in investment and hiring. Growth in Minneapolis-St. Paul has accelerated in the service sector, including professional services and finance, while construction and manufacturing continue to improve. "Minneapolis-St. Paul is on track to add 10,000 new jobs by the end of 2016."

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through more than 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and CDN $589 billion in assets (as of October 31, 2014).

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