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BMO Bank of Montreal

BMO Bank of Montreal

February 03, 2012 16:22 ET

BMO Stands with Canadian Dairy Farmers-Supports Agriculture with Credit Boost

"Open For Business" with $10 billion in additional credit

- Dairy industry annually contributes $15.2 billion in economic benefits and employs 215,000 Canadians

- Each year the average Canadian drinks 95 litres of milk

- Agricultural sector employs one in eight jobs directly and accounts for approximately eight per cent of Canada's total Gross Domestic Product

OTTAWA, ONTARIO--(Marketwire - Feb. 3, 2012) - Speaking at the Dairy Farmers of Canada's Annual Policy Conference, David Rinneard, National Manager of Agriculture at BMO Bank of Montreal, reaffirmed BMO's partnership with dairy farmers.

"At BMO, we not only support the Dairy Farmers of Canada, as they work to increase public awareness about the contributions local farm families make and draw attention to the outstanding quality, safety and nutritional benefit of Canadian dairy products, but also support them when it comes to making sure they get the banking advice and solutions that make sense in their business," said Mr. Rinneard.

"In addition, to say that we are open for business for Canadian farmers is understatement. Over the next three years BMO is making $10 billion in additional credit available for businesses, including our partners in the agricultural community who are leaders in innovation, boosting productivity and growing a business," added Rinneard.

"Dairy farmers are among the most productive producers in Canada, providing a stable, predictable supply of quality products close to where people live," said Dairy Farmers of Canada President Wally Smith. "We receive no government subsidies for producing milk and we invest 90 per cent of our income back into the farm's operation. This commitment by BMO, to provide access to credit for small businesses like ours, is critically important and it will encourage farmers to make investments to constantly improve their operations. These investments will benefit not just farmers but to rural communities across the country, the economy and consumers."

BMO's roots in the Canadian agricultural sector date back to 1817, when it first began working with farmers. BMO Bank of Montreal provides customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves.

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