BMO Financial Group

BMO Financial Group

January 26, 2012 11:30 ET

BMO's $10 Billion Credit Boost to Benefit Ontario Businesses

TORONTO, ONTARIO--(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 Ontario, according to Susan Brown, Senior Vice-President, Ontario Regional Division, BMO Bank of Montreal.

"Businesses in Ontario are looking to consolidate the gains they made in the aftermath of the recession, and are renewing their focus on productivity," said Ms. Brown. "The availability of more credit will help more Ontario firms take the opportunity to diversify their supply chains and improve their productivity and competitiveness. Our local bankers are also armed with limits to make almost every lending decision in the communities where our customers operate."

"With soft U.S. demand and fiscal restraint impacting the Ontario economy, growth is expected to hold steady at a sluggish 1.9 per cent pace in 2012," said Robert Kavcic, Economist, BMO Capital Markets. "Supportive financial conditions, however, should help firms looking to increase their capital spending in the coming year."

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