BMO Financial Group

BMO Financial Group

January 26, 2012 11:30 ET

BMO's $10 Billion Credit Boost to Help Nova Scotia Firms Get Ready for New Era of Prosperity

HALIFAX, NOVA SCOTIA--(Marketwire - Jan. 26, 2012) - BMO's announcement that it is making $10 billion in credit available to businesses across Canada over the next three years will provide important benefits to companies located in Nova Scotia, according to Laura Charlton, Vice-President, Nova Scotia District, BMO Bank of Montreal.

"Businesses in Nova Scotia are showing palpable excitement following the awarding of the contract to Irving Shipbuilding to build combat ships for the Royal Canadian Navy," said Ms. Charlton. "With new funds available for lending, companies both directly and indirectly involved in the project will have the opportunity to invest in their operations to get prepared. Our local bankers are also armed with limits to make almost every lending decision right here in Nova Scotia."

"The shipbuilding contract is very promising news for the Nova Scotia economy, with a benefit of $25 billion estimated through 2030," said Robert Kavcic, Economist, BMO Capital Markets. "Firms will no doubt want to increase their capital spending to support the project, and supportive financial conditions should help."

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