BMO Canadian Business Banking has launched a $30 million program to help small- and medium-sized agriculture businesses build climate-resilient operations.
Greener Future Financing is the bank’s first climate financing program. It aims to provide farmers and business owners with capital to make the investments needed to reduce carbon emissions and adapt to the effects of climate change.
New and current agriculture business banking clients are potentially eligible for a discount of up to 1% on new loans for investments in reducing emissions or implementing climate resilience measures, BMO said.
Eligible loan proceeds include investments in renewable energy such as solar power and geothermal energy, energy efficiency including LED lighting, heat pump systems, smart meters and other performance monitoring equipment, flood proofing and more.
"BMO's Greener Future Financing program provides business owners with the support to make bold investments in sustainable business practices that will position them to become more climate resilient and prepared for a lower carbon economy," said Mike Bonner, head, Canadian business banking, BMO, in a statement.