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Floods

BMO Bank of Montreal Launches Financial Flood Relief Program for Commercial Customers

Strategic Insights

— 1 min read

In the aftermath of this year's devastating floods, BMO Bank of Montreal has launched a financial assistance program for its commercial customers affected by the damage. The program aims to alleviate the difficulties faced by farmers in affected communities across Canada's Prairies, who are struggling to recover from the losses. Many acres of land will go unseeded, crops are stressed, and those already sown are estimated to be one to two weeks behind. The program is designed specifically for producers directly affected by the flooding and those in related industries who will face cash-flow challenges in the coming months.

Key Takeaways:

  • The Financial Flood Relief Program is designed to assist commercial customers affected by the floods, particularly farmers and those in related industries.
  • The program is available until November 30, 2011, giving producers time to market a portion of next year's crop.
  • The program aims to provide financial assistance to producers who are struggling to recover from the losses, including those facing cash-flow challenges in the coming months.
  • The program is in addition to BMO's existing customized loan and deposit solutions for Canada's agri-business owners.
  • BMO's Financial Flood Relief Program is a response to the devastating impacts of this year's floods on the agricultural sector.
  • The program is led by Robert Hayes, Senior Vice President, Prairies, BMO Bank of Montreal, and Gail Cocker, Senior Vice President, Commercial Banking, BMO Bank of Montreal.
  • BMO has a long history of supporting the Canadian agricultural sector, dating back to 1817, when it first began working with farmers.

Statistics:

  • Many acres of land will go unseeded due to the floods.
  • Crops are stressed, and those already sown are estimated to be one to two weeks behind.
  • The Financial Flood Relief Program is available until November 30, 2011.
  • BMO enjoys a well-founded reputation for providing customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves.

Sources:

  • BMO Bank of Montreal (Copyright 2010 Marketwire, Inc., All rights reserved).
  • BMO's roots in the Canadian agricultural sector date back to 1817, and the bank has a long history of supporting the sector.

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