The BMO Double the Good commitment aims to ‘boldly grow the good in business and life’.
In particular, BMO says it is committed to supporting a thriving economy, sustainable future and inclusive society. Notably, by 2025 BMO will mobilise C$400bn for sustainable finance. And it will increase support for small businesses and women entrepreneurs, and commit to zero barriers to inclusion.
“BMO is driven by a single Purpose to Boldly Grow the Good in Business and Life. At our core, we are focused on driving positive change for customers, employees and the communities where we do business. Our bank is mobilised and accelerating. In every new opportunity we take on, we’re driven by a clear purpose and a bold ambition. That is one that mirrors the aspirations of our customers,” says Darryl White, Chief Executive Officer, BMO Financial Group.
BMO Double the Good: 2025 targets
BMO will double the bank’s support for small businesses by:
- Doubling small business lending in Canada to C$10bn;
- Doubling small business lending in the US to reach 80,000 customers, and
- Double the bank’s industry leading support for women entrepreneurs, including increased dedicated business relationship managers
“We have the capacity, innovative drive and reach to propel the economy forward,” says White. “This means standing behind the aspirations of entrepreneurs by supporting innovative business concepts. And we are playing an active role in advocating for nascent industries and technologies. For instance, we will make it faster and convenient for more small businesses to obtain capital through BMO Business Xpress.”
BMO Double the Good: For A Sustainable Future
At the same time, BMO will double the bank’s mobilisation for sustainable finance to C$400bn billion.
- C$250bn in client investments, which, as trusted advisors, BMO will help to align with sustainable objectives;
- Provide C$150bn in capital to companies pursuing sustainable outcomes;
- BMO will complement this with products and advisory services to help clients chart a path to improved sustainability, and
- Create an impact investment fund to find and scale solutions to the sustainability problems faced by clients;
For instance, BMO is kicking this off with a seed fund with C$250m in capital.
“We commit to being a leading player in sustainable finance through solutions that help clients create a more sustainable future. In 2018, BMO participated in over C$10bn in financing for renewable energy projects. BMO has jointly led sustainable bond issuances for Ontario, Quebec and the World Bank. This commitment represents the next step in the bank’s strategic vision to help our clients achieve their sustainability objectives.”
BMO Double the Good: For An Inclusive Society
The bank’s inclusivity goals focus on increasing Indigenous representation in Canada to 1.6% of the workforce. And BMO is increasing persons of colour in US leadership roles to 20% by 2020.
In addition, BMO will focus investment in skills and develop educational requirements for hiring to equip employees for future work.
Specifically, BMO will:
- Double the size of the bank’s Indigenous Banking business
- Foster inclusive relationships with customers, enabling all 45,000 employees to engage in the “Learn from Difference” training programme, and
- Drive inclusive economic development through partnership with United Way of Greater Toronto with a $10m donation.
For instance, 40% of BMO’s senior leaders are women. At the same time, BMO’s community partnerships with Indigenous communities help support their economic growth and prosperity,
“We will continue to tailor our business and banking experience to people’s unique needs in order to improve accessibility. This breaks down barriers and grows the good in people’s lives.,” concludes White.