TORONTO, Sept. 12,
2024 /CNW/ - BMO today released
ᐑᒋᐦᐃᑐᐏᐣ wîcihitowin (pronounced: wee-chih-hito-win), its 4th
annual Indigenous Partnerships and Progress Report. BMO engages
with Indigenous customers, colleagues and communities across three
pillars – Education, Employment and Economic Empowerment – that
rest on a platform of Zero Barriers to Inclusion for all.
A nehiyawewin/Cree term meaning "helping and supporting each
other", ᐑᒋᐦᐃᑐᐏᐣ wîcihitowin highlights BMO's partnerships
with and commitment to Indigenous communities with inspiring
stories from Indigenous customers, employees and community
leaders.
"BMO's Purpose – to Boldly Grow the Good in business and
life – drives us to explore and support new opportunities
that benefit First Nation, Inuit and Métis Peoples. We are
humbled that Indigenous customers, including those featured in this
report, place their trust in us," said Darryl White, CEO, BMO Financial Group.
"Combined with our commitments to a thriving economy, a sustainable
future and an inclusive society, our teams continue to work with
Indigenous Peoples to champion human rights, financial inclusion
and sustainability."
"As a member of BMO's Indigenous Advisory Committee (IAC), and a
business leader who chooses BMO as our financial institution, I'm
inspired by the steps that BMO is taking to include Indigenous
perspectives in many areas of their business. With guidance from
the IAC, BMO is working to provide greater access to funding for
Indigenous businesses and continues to provide unparalleled access
to on-reserve banking services and housing loans," said
Denis Carignan, President and
Co-founder of PLATO, Pasqua First Nation, Saskatchewan.
"For more than thirty years, BMO's Indigenous Banking Unit (IBU)
has worked closely with Indigenous communities across Canada, helping to advance economic
independence and supporting customers and partners as they shape
their futures," said Michael Bonner,
Head, Canadian Personal & Business Banking Distribution and
Head, Enterprise Indigenous Strategy. "Over these decades, we've
had the privilege of partnering with First Nation, Inuit and
Métis communities, colleagues and customers to hear their
personal lived experiences. Whether they are breaking down
barriers, paving the way for clean energy, working to end
gender-based violence or promoting responsible land use, their
stories of progress and change inspire us."
Zero Barriers through Education, Employment and Economic
Empowerment: Highlights from the Report
- BMO provides more than $14
billion in banking services to more than 300 Indigenous
communities nationwide. BMO has more than $251 million in authorized loans for housing
purposes in Indigenous communities, including its On-Reserve Home
Loan Program.
- For advancing Indigenous interests and economic
development, BMO has received Gold certification in the
Partnership Accreditation in Indigenous Relations (PAIR) program
seven consecutive times, spanning more than 20 continuous years.
The PAIR program is administered by the Canadian Council for
Indigenous Business.
- This year BMO launched the BMO SmartProgress™ on-demand
financial education platform for Indigenous Peoples. It's a no-fee
interactive learning experience that breaks down complex financial
concepts, such as credit scores, investing and retirement planning,
to help customers make real financial progress.
- Out of a total of $26 million in
donations and pledges to Indigenous causes across Canada, BMO
has contributed $6.7 million to
awards, scholarships and unique initiatives in support of
education. This includes the new BMO Young Indigenous Leaders
program for forestry students at Université Laval, which provides scholarships and
opportunities to develop essential forestry skills and
entrepreneurship training to encourage the launch of sustainable
businesses.
- BMO supports Indigenous employees by providing tailored support
through the bank's Miikana Career
Pathways program. Among the 45 per cent of Indigenous
employees who have so far joined Miikana, there is a 94 per cent
retention rate.
- To provide greater access to capital for Indigenous businesses,
BMO introduced the BMO for Indigenous Entrepreneurs lending
program. To accelerate business growth entrepreneurs may receive
loans of up to $150,000 for capital
investments such as equipment and property improvements and working
capital, including inventory, payroll and lease payments.
- In keeping with Indigenous procurement commitments, BMO spent
$77 million in 2021-2023, far
exceeding its goal to spend $10
million annually by 2023. In addition, BMO Elevate, the
bank's diverse business development program, supports
Indigenous-owned businesses with networking, education, mentoring
and development opportunities.
- Together with First Nations University of Canada and Reconciliation Education, BMO
is providing an online eLearning course,
ᓂᓯᑐᐦᑕᒧᐃᐧᐣ Nisitohtamowin, free to the general public. From the
Cree word for "understanding," Nisitohtamowin provides an overview
of 500 years of colonial history in Canada from the perspectives of Indigenous
Peoples and has been updated with content regarding Free, Prior and
Informed Consent (FPIC).
Read the full report to learn more.
Access the free Nisitohtamowin eLearning course.
Learn more about BMO's commitments to Indigenous customers,
colleagues and communities.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North
America by assets, with total assets of $1.4 trillion as of July
31, 2024. Serving customers for 200 years and counting, BMO is a
diverse team of highly engaged employees providing a broad range of
personal and commercial banking, wealth management, global markets
and investment banking products and services to 13 million
customers across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO
is committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive
society.
SOURCE BMO Financial Group
