BMO Releases ᐑᒋᐦᐃᑐᐏᐣ wîcihitowin – 4th Annual Indigenous Partnerships and Progress Report

Press Release

TORONTO, Sept. 12, 2024 – 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.

For further information: For News Media Enquiries: Kelly Hechler, Toronto, Kelly.hechler@bmo.com, (416) 867-3996

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