The five-year plan is set to be unveiled at a virtual event hosted by BMO on 12 November 2020. The US CEO of BMO Financial Group said that the commitments outlined in the pledge are designed to help tackle barriers to inclusion in the financial services industry and create more opportunity for their clients, communities and colleagues to succeed in business and in life.
BMO EMpower represents an approach for addressing the key drivers of the racial wealth gap through direct investment in Black and Latinx communities. The commitments span across BMO's operations and aim to empower a more equitable economy.
USD 3 billion are to be pledged for community reinvestment. USD 500 million are destined for minority commercial lending to accelerate lending for Black- and Latinx-owned commercial businesses. The rest will be for mortgage lending in low-to-moderate income level communities and to advance supplier/business diversity initiatives.
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