The Bank of Montreal will make $10 billion in credit available to businesses across Canada over the next three years.
“While B.C. business owners are showing understandable caution, we are seeing an increase in activity among our commercial clients,” said Derral Moriyama, senior vice-president of commercial banking for BMO’s Vancouver district.
“The availability of more credit will help provide the impetus for these owners to invest in their operations and create more jobs. We are open for business and our local bankers are armed with limits to make almost every lending decision right here in B.C.”
A cooling residential construction sector and reductions in government spending have got some businesses tightening belts, said BMO capital market economist Robert Kavcic. BMO hopes to see the new credit used to help them with capital expenditures.
“While this environment has led to understandable caution in recent months, relatively strong corporate finances and supportive financial conditions should help capital spending in the coming year.” Kavcic said. “Further growth in business investment would help support continued strength in the B.C. economy.”
Nelson Bennett
@nbennett_biv