Five Reasons to Maintain a Strong Relationship with Your Bank

Mar 17, 2021 | Uncategorized

As we celebrate Women’s History Month and International Women’s Day, BMO recognizes the importance of providing information that supports the advancement of your business. We know that women business owners do an amazing job of balancing growth, managing cash flow and supporting their teams, families and communities—all while strategically planning for the future. BMO is committed to providing businesses access to opportunities, reducing barriers and enabling growth as part of our focus to boldly grow the good.

Business owners often think about their banks just as capital providers. However, the banking industry has evolved, and while banks still offer traditional products, many have expanded their product and service offerings to meet the expanded needs of the modern-day business owner. BMO, like many other institutions, provides access to networking and partnership opportunities, educational resources and lifestyle and community support as ways to deepen the relationship and help women scale their businesses.

A strong relationship with your bank can transform the way you think about your business, as well as provide better communication and early awareness of opportunities to help accelerate the pace of your growth.

Here are Five Reasons to Maintain a Strong Relationship with Your Bank:

Supplier Opportunities: Women-owned businesses are often certified as MBE, WBE, VBE and other certifications, which can help you maximize opportunities offered by your bank. Becoming familiar with your bank’s supplier diversity program or registering with your bank as a diverse supplier can be a new way to grow your business. BMO recently launched its first-ever diverse business development program, BMO Elevate, to help connect, mentor and raise the profile of diverse suppliers.

Lending Programs: While the color of money may be the same, creative financing options are constantly being developed to support your capital needs. Programs focused on small businesses, women and Black and Latinx entrepreneurs have become more widely available to increase access to capital for these historically underserved communities. BMO launched a $5 billion commitment over five years to address barriers faced by minority businesses

Community Involvement: Connecting with your bank on local events that align with your desire to give back to your community can be mutually beneficial. These are great opportunities to raise your company’s profile, build stronger connections with prospective customers and genuinely support local initiatives. BMO celebrates trailblazing women in the U.S. and Canada who are leaders in business and in their communities.

Diversity, Equity and Inclusion: As banks consciously work to build a more inclusive business, you may be presented opportunities to market your businesses, provide valuable feedback to inspire the creation of products that meet your needs or connect with a more diverse customer or supplier base. BMO recently highlighted Black female entrepreneurs in a recent series.

Wealth Building: The availability of programs to support wealth preservation and succession planning has grown over the years. Let your bank know that you are interested in being an audience member or contributor to this important conversation. BMO offers thought provoking conversations on its podcast series Bold(her) to help you make bold moves in business and your personal life.

To learn more, contact Vlatka Puljic, director, BMO Harris Bank, by email at [email protected] or by phone at 312-480-8338.


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