BMO Financial Group

BMO Financial Group

January 26, 2012 11:30 ET

BMO's $10 Billion Credit Boost to Help PEI Firms Improve their Productivity and Growth Prospects

CHARLOTTETOWN, PRINCE EDWARD ISLAND--(Marketwire - Jan. 26, 2012) - BMO's announcement today 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 Prince Edward Island, according to John Duff, Commercial Area Manager, New Brunswick and PEI, BMO Bank of Montreal.

"Businesses in the province continue to be cautiously optimistic and make targeted business investments to strengthen their productivity and future growth prospects," said Mr. Duff. "The availability of more credit will help more provincial firms take the opportunity to retool to expand their markets. Our local bankers are also armed with limits to make almost every lending decision right here in PEI."

"PEI's growth is slowing following a downshift in public-sector capital spending," said Robert Kavcic, Economist, BMO Capital Markets. "Supportive financial conditions should help firms looking to increase their capital spending in the year ahead."

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