WEBAC applauds BMO’s $2 Billion Increased Support of Canada’s Women Entrepreneurs

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BMO boosts lending to women entrepreneurs by $2 billion over next three years

Women’s Business Economic Advisory Council (WEBAC)

On behalf of Women’s Business Economic Advisory Council we wish to acknowledge & recognize importance of BMO Bank of Montreal’s recent commitment to provide additional $2 billion in credit over next 3 years to Canada’s women entrepreneurs. ~Carolyn Cross

“On behalf of Women’s Business Economic Advisory Council (WEBAC), we wish to acknowledge and recognize the importance of BMO Bank of Montreal’s recently announced commitment to provide an additional $2 billion in credit over the next three years to Canada’s women entrepreneurs,” said Carolyn Cross, Chair of WEBAC, a Vancouver based organization representing a leading voice of professional and entrepreneurial women in British Columbia. “By targeting women-owned businesses for this significant addition to the supply of capital, BMO is recognizing the strategic importance of Canadian women entrepreneurs to the overall economy and national prosperity. By making this announcement, BMO is confirming its ongoing support of Canadian women entrepreneurs. WEBAC applauds BMO’s leadership efforts in advancing women in business in Canada, and hopes that other Canadian banks will soon follow this BMO lead.”

Canadian women, representing 47% of the workforce and over half of university graduates, have become significant contributors to the economy. In 2011, the aggregate contribution of woman majority-owned small and mid-sized enterprises (SMEs) was an estimated $148 billion in economic activity, of which $72 billion represented their own revenues. Of Canada’s 1.1 million SME’s, women majority-owned firms represent about 17% of this total, while firms wholly or partially owned by women represent 47%. According to Industry Canada, women account for a significant portion of small businesses owners and self-employed workers. One third of Canada’s SME’s are run by women CEOs and nearly 1 million women are self-employed, confirming the significance of women entrepreneurs.

Representing 52% of the private sector GDP and 90% of Canadian jobs, SMEs have long been seen to be the backbone of the Canadian economy. Supporting SMEs with increased access to capital, therefore, is of vital importance to the Canadian economy. With BDC reporting that 25% of Canadian businesses are looking for capital, the BMO announcement of $2 billion of additional loans is seen as welcome support by women entrepreneurs and the millions of people that they employ.
For more information on WEBAC, please visit http://www.womenseconomicbac.org

Or contact:
Carolyn Cross
Tel: +604.434.1485 or

Lynn Warburton
Tel: +604.224.3124

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Megan O'Brien
Taylor & Pond
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