BMO Business Banking customers can now participate in the Trade Expansion Lending Program (TELP), which is provided with the help of Export Development Canada (EDC), according to a Thursday (April 1) announcement.
“Businesses today are competing on a global scale, and we’re here to help give them every advantage,” Michael Bonner, head of Canadian Business Banking at BMO Bank of Montreal, said in the announcement. “With this program out, clients now have an opportunity to tap into financing to help them expand and grow in international markets.”
TELP was created to assist small to medium-sized businesses (SMBs) focused on exports get access to working capital in a faster manner to grow beyond Canada.
Businesses that can participate in the program include those that sell merchandise or services beyond Canada as well as those that provide merchandise or services to Canadian buyers who export them or have a signed international deal.
Companies that are qualified to take part in TELP can obtain as much as $3 million in financing.
“TELP provides Canadian companies with fast and easy access to the working capital they need to grow their business internationally, which is more important than ever,” Robert Fosco, vice president of Partner Channels at EDC, said in the announcement.
In October, BMO announced that it was rolling out a new support system for Canada’s small companies amid COVID-19 by the way of a dedicated banking workforce.
Bonner said in an announcement that, at the time, it had “never been more important to stand behind Canadian businesses” with the continuing pandemic.
“[W]e need to ensure their economic success to ensure Canada’s success,” he said in the announcement. “The challenge that we noticed is that this segment has been underserved. We’re looking to change that.”
In August, BMO completed the creation of a portal that will let small business customers send their financial data to Intuit QuickBooks Online. Clients will retain ownership over the data and can consent to which information will be provided.
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