BMO Bank of Montreal says it has launched a program for its commercial customers affected by the extensive damage from flooding on the Prairies earlier this summer.
Under the Financial Flood Relief Program, BMO customers can apply for deferred principal payments and/or a waiver of new loan application or renewal fees.
BMO says the program is specifically designed for farmers directly affected by the flooding and those in related industries who will face cash-flow challenges in the coming months. The program is available until November 30, 2011, giving producers time to market a portion of next year’s crop.
“We invite our customers to visit their local BMO branch and sit down with their Account Manager to discuss their particular needs and the details of this unique program,” Gail Cocker, senior vice-president, commercial banking said in a release.
