BMO Bank of Montreal

BMO Bank of Montreal

April 04, 2011 06:00 ET

BMO Survey: 82 per cent of Small Businesses Look for Banking Experts Who Understand Their Entire Business

- 87 per cent Say Simple Banking Processes Are Important

- 85 per cent Say Products and Solutions That Make Sense Are a Priority

- BMO Will Hire 150 New Small Business Banking Experts in 2011

TORONTO, ONTARIO--(Marketwire - April 4, 2011) - A survey by BMO Bank of Montreal released today found that an overwhelming majority of Canadian entrepreneurs are looking for banking experts that understand their entire relationship (82 per cent), products and solutions that make sense (85 per cent) and simple processes (87 per cent).

"Business owners told us they want to focus on their business, not on the ins and outs of banking," said Gail Cocker, Senior Vice President, Commercial Banking, BMO Bank of Montreal.

BMO Bank of Montreal recently announced that it is hiring a total of 150 small business banking specialists this year to serve the unique personal and business needs of Canadian entrepreneurs.

"With these 150 new small business banking experts in place, business owners will have access to a dedicated banking specialist in a local branch - an expert who understands their business and the unique challenges that go with owning and operating a small business. Through in-depth conversations with our customers, these bankers will be able to help business owners find financial solutions for both their business and personal needs," added Ms. Cocker.

Other Survey Findings:

  • 77 per cent say access to credit is an important factor in their business needs.
  • Those in Atlantic Canada (92 per cent), Quebec (82 per cent) and Ontario (80 per cent) are more likely to think access to credit is important compared to those in BC (68 per cent) and Alberta (58 per cent).
  • Women are more likely to say that access to credit (84 per cent vs. 74 per cent men) and experts that are knowledgeable about their entire relationship with them (88 per cent vs. 80 per cent men) are important when looking for a bank to take care of all their small business needs.

The online survey was conducted by Leger Marketing between February 1 – 25, 2011, using a sample of 507 Canadian small business owners. A probability sample of the same size would yield a margin of error of ±4.4 per cent, 19 times out of 20.

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